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Questions and Answers
Which of the following best defines the category of marketed entities known as 'events'?
Which of the following entities is NOT classified under the types of marketed entities?
In the context of marketing management, what does experiential marketing primarily aim to achieve?
Which of the following best exemplifies celebrity marketing?
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Which of the following best describes the type of entities that are commonly involved in marketing activities?
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What is the primary focus of demand management within marketing?
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In the context of marketing, which approach is specifically intended to create memorable experiences for participants?
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Which strategy involves managing consumer demand to align with marketing efforts?
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What aspect of marketing utilizes a known public figure to promote products or brands?
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Which type of marketing focuses on creating a specific atmosphere or theme at an event to influence consumer behavior?
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Study Notes
Categories of Market
- Marketplaces: Physical stores, also known as brick and mortar stores
- Marketspace: Digital stores, also known as click and mortar stores
- Metamarket: A group of complementary products and services closely related
Types of Marketed Entities
- Goods: Physical products like food, cars, refrigerators, television sets, and machines.
- Services: Intangible activities like airlines, hotels, car rentals, barbers, beauticians, and professional consulting services.
- Events: Time-based activities like trade shows, artistic performances, and company anniversaries.
- Experiences: Activities like visiting Disneyland, Hard Rock Café, or seeing a live concert.
- Persons: Celebrity or personal marketing, where individuals promote themselves or their talents.
- Places: Marketing of geographic locations, including tourism, real estate, and economic development strategies.
- Properties: Rights of ownership for real estate (real property) or financial property (stocks and bonds).
- Organizations: Branding and image building efforts for universities, museums, and non-profit organizations.
- Information: Distribution of knowledge through books, encyclopedias, and other forms of media.
- Ideas: The underlying concept or thought behind every product or service.
Marketers and Prospects
- Marketer: An individual or organization seeking a response (attention, purchase, vote, donation) from another party, known as the prospect.
- Demand Management: The ability of marketers to influence the level, timing, and composition of demand for their products.
Types of Demand
- Negative Demand: Consumers dislike the product, possibly due to perceived harm or negative associations.
- Nonexistent Demand: Consumers are unaware of or uninterested in the product.
- Latent Demand: Consumers have a strong unmet need that no existing product satisfies.
- Declining Demand: Consumers are buying the product less frequently or not at all.
- Irregular Demand: Demand fluctuates based on season, time of day, or other factors.
- Full Demand: Consumers are adequately buying all products available in the market.
- Overfull Demand: Demand exceeds the available supply, potentially leading to shortages and rationing.
- Unwholesome Demand: Products that are harmful or unhealthy have a negative demand.
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Description
Test your knowledge on the different categories of markets and types of marketed entities. This quiz covers physical and digital marketplaces, various goods and services, and the concept of events and experiences related to marketing. Enhance your understanding of marketing strategies through this engaging quiz.
