CH6 - UNDERSTANDING MARKETS

Question 0

LOCAL MARKET

Answer 0

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Question 1

THE MARKET

Answer 1

A place where buyers and sellers come together

Question 2

NATIONAL MARKET

Answer 2

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Question 3

PHYSICAL MARKET

Answer 3

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Question 4

NON PHYSICAL MARKET

Answer 4

Eg. e-markets

Question 5

DEMAND

Answer 5

The amount of a product or service that consumers are willing and able to buy at any given price over a period of time.

Question 6

FACTORS INFLUENCING DEMAND

Answer 6

Price elasticity of demand

Income and wealth of consumer

Tastes and fashion

Prices of other goods; substitutes and complements

Demography

Marketing and advertising

Competitors actions

Seasonal factors

Government actions

Question 7

MARKET SEGMENTATION

Answer 7

The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics.

Question 8

TYPES OF MARKET SEGMENTATION

Answer 8

DEMOGRAPHIC; 
Age 
Gender
Sex
Social class
Residential

GEOGRAPHIC

LIFESTYLE

FREQUENCY OF PURCHASE

Question 9

BENEFITS OF MARKET SEGMENTATION

Answer 9

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Question 10

DRAWBACKS OF SEGMENTATION

Answer 10

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Question 11

MARKET MAPPING

Answer 11

Technique that allows a firm to look at th

Question 12

MARKET SIZE

Answer 12

The volume of sales of a product or the value of sales of a product.

Question 13

MARKET GROWTH

Answer 13

The percentage change in sales (volume or value) over a period of time.

Question 14

FACTORS INFLUENCING MARKET GROWTH.

Answer 14

• competitors

* economy …

Question 15

MARKET SHARE

Answer 15

The proportion of sales a business has out of the total sales of the provided product or service in the market.

Sales
————————– x100
Total sales in market.