Understanding Market vs. Marketing

<p>Branding (A)</p> Signup and view all the answers

<p>Encouraging consumers to buy during a specific period (A)</p> Signup and view all the answers

<p>The demand for bread decreases. (D)</p> Signup and view all the answers

<p>They increase their current purchases. (A)</p> Signup and view all the answers

<p>Demand for luxury goods increases. (C)</p> Signup and view all the answers

<p>It causes a drastic shift in demand between different goods. (C)</p> Signup and view all the answers

<p>Consumers may purchase higher-priced items if perceived quality is greater. (C)</p> Signup and view all the answers

<p>Differentiating a company's product from others (C)</p> Signup and view all the answers

<p>The price of a commodity (D)</p> Signup and view all the answers

<p>Perceived value for the customer (D)</p> Signup and view all the answers

<p>To enhance brand awareness (B)</p> Signup and view all the answers

<p>It can lead consumers to select alternatives based on price. (A)</p> Signup and view all the answers

<p>Sales promotion (D)</p> Signup and view all the answers

<p>Gathering information about potential customers (D)</p> Signup and view all the answers

<p>Place (C)</p> Signup and view all the answers

A market is a place where buyers and sellers trade a specific product. Marketing are the activities that make trading happen.

Activities like market research, packaging, branding, pricing, advertising, sales promotion, and distribution that help businesses satisfy customer needs.

The four key strategies for marketing a product: Product, Promotion, Pricing, and Place.

Gathering information about potential customers to understand their needs and preferences.

Creating a unique identity for a product or company to differentiate it from competitors and build customer loyalty.

Goods that can be used in place of each other. When the price of one good rises, the demand for its substitute increases.

Goods that are used together. When the price of one good rises, the demand for its complement decreases.

As consumers' income increases, they tend to demand more goods and services.

Changes in consumer taste for goods and services can significantly impact demand. For example, new trends can cause a product to become popular or unpopular.

If consumers expect a good's price to rise in the future, they might buy more of it now to avoid paying the higher price later.

A market is any place where buyers and sellers trade a specific product. Could be a farmers market, a shop, online, or international trade.

Marketing activities are things businesses do to facilitate trade and satisfy customer needs. Includes research, packaging, branding, pricing, advertising, sales promotion, and distribution.

The marketing mix, also called the 4 Ps, categorizes all the strategies used to market products. The categories are product, promotion, pricing, and place.

The goal of the marketing mix is to create value for the customer, making their product seem desirable to the target market.

Higher prices decrease demand, and lower prices increase demand. Consumers buy more when something is cheaper and less when it's expensive.

Substitute products can be used in place of one another to satisfy the same need. Example: Fish and chicken can both be your dinner.

Complementary products are those commonly used together. Example: Coffee & Creamer.

If one substitute product's price decreases, demand for the other substitute product will decrease. Example: If chicken prices drop, people might buy less fish.