ls 1 Flashcards
mechanism through which products and services are exchanged, sold and transferred
Market
Market is a place where products are sold. what concept of market tells this?
Place
According to the area concept of market, market is a ..
geographical area where buyers and sellers meet
Example of market according to place concept
hatt, bazaar, market
Example of market according to area concept
European Common market
Demand concept of market
aggregate demand for a product/service
What is meant by exchange concept of market?
organisation via which exchange of an item takes place
example of exchange concept of market
Stock exchange
Market consist of buyers and sellers and middlemen who assist in buying and selling .. what concept of market tells this?
People concept
Wherever a buy or sell takes place is a _____.
Market
On the basis of geographical area, markets can be classified as :( with example )
Local - village/town
regional - South India
National - India
International - European Union
On the basis of volume of business .. markets can be classified as :
wholesale and retail
What is wholesale market?
goods - sold in bulk to retailers
What is retail market
Goods - sold by retailers to consumers - small quantity
On the basis of subject of exchange…markets can be classified as :
Capital
money
commodity
What is capital market ?
specialised - long term finance - business enterprises
Ex: Stock exchange, investment trust
What is commodity market ?
Organised market - commodities - bought and sold - prescribed rules
Ex: Cotton market
What is money market?
Specialised market - short term finance - business enterprises
Ex: All banks
On the basis of position of buyers and sellers.. markets can be classified as :
Primary
SEcondary
Terminal
What is primary market?
producer — agricultural product - wholesaler
What is secondary market?
wholesaler- retailer
What is terminal market?
retailers - consumers
on the basis of nature of transactions, markets can be classified as:
Spot market
Future market
What is spot market?
goods - physically transferred from seller to buyer
What is future market ?
- future contracts - bought and sold
- no intention of delivery of goods
- profit out of price fluctuation
On the basis of nature of goods …markets can be classified as :
Consumer market and producer market
what is consumer’s market
bought for personal consumption
what is producer’s market
bought for use in further production
In a catalogue market, _________, _______, _________ goods are sold at _____ prices
high mark up, fast moving, branded
Catalogue showrooms cut ___ and _____ to attract higher volume of _______
costs, margins, sales
who sells through in-house market?
Eureka Forbes
two disadvantages of in-house market
time consuming and costly
goods are dispatched through ______/________ in mail order market
V.PP/ courier
well know brands of products of daily use are sold through
automatic vending machines
Mother Dairy sells through
automatic vending machines
automatic vending machines are installed in _____
public places
Television has become a popular medium for direct marketing due to
growing satellite network and cable channels
Path of network market
marketer-distributor-sub distributor-employ persons to sell at homes
another name for network market
multi-level market
example of network market
amway
avon
herbalife
tupperware
products not available at retail outlets can be provided by ___market
network market
Marketing is a ____ and _____ process
social ,managerial
Marketing is a part of total environment - implies?
it is a dynamic concept
marketing creates _____,_____,_____ utilities
time, place, possession
how is time utility created by marketing?
by preserving goods for use in future
how is place utility created by marketing?
by carrying goods to places where they are needed most
how is possession utility created by marketing ?
by transferring goods from producer to customer
marketing is a _____ as well as ______
art, science
marketing is wider than __.
market
even in non business organisations, marketing is used.. this implies that marketing is________
pervasive
foremost objective of marketing
satisfy consumer needs and wants
objectives of marketing are:
consumer satisfaction
organisational integration
profitability
social service
_________ gave way to barter system
self sufficiency
production oriented stage - time period
1869-1930
sales oriented stage - time period
1930 - 1950
product oriented stage
1950-1960
marketing oriented stage
1960-1980
societal marketing stage
1980- present
motto of production oriented stage
” sell what can be produced”
what is Say’s law
Supply creates its own demand
customers buy products which are low priced and easily available .. what stage of marketing is this
production oriented stage
Marketing during production oriented stage consisted of mere _____
distribution
main drawback of production oriented stage
customers don’t always buy products which are cheap and easily available
production oriented stage lasted till the _______
great depression
what was the motto of sales-oriented stage
” get rid of what u have”
customer’s importance was realised but only a means of disposing products .. what stage of marketing is this
sales-oriented stage
focus was on _____during sales-oriented stage
increasing sales
supply exceeds demand in
sales-oriented stage
demand exceeds supply in..
production oriented stage
sales-oriented marketing is still used in ______, _______
insurance, charity fund raising
which stage of marketing is called marketing myopia?
Product oriented stage
in Product oriented stage, focus shifted from promotion to _____
product improvement
overemphasis on ______ overlooks other aspects which influence customer satisfaction
product quality
belief during Product oriented stage
customers will buy if the quality is good
consumer is considered as king in which stage?
marketing oriented stage
Marketing became the heartbeat of business only when
importance of consumer satisfaction was realised
what stage of marketing exists now?
societal marketing
marketing is said to be the ____ and ____ of business
eye and ear
what has converted yesterday’s luxuries into today’s necessities?
marketing
anything tangible that can be offered to a market for attention, acquisition use or consumption that can satisfy a want or need
Product
features of a product
tangible associated attributes life cycle exchange value need satisfaction
products can be broadly classified as :
consumer and industrial
consumer products can be classified as:
convenience products
shopping products
specialty products
products which are purchased with minimum efforts frequently
convenience products
example of convenience products
newspaper, toothpaste, soap
products purchased after a comparative analysis of quality, price etc
shopping product
example of shopping products
TV, fridge, furniture
products purchased with special efforts like loan or something
specialty products
examples of specialty products
jewellery, fancy items
industrial products can be further classified as :
raw material
supplies
accessory equipment
installations
example of raw materials
cotton, wheat, milk
example of supplies
nuts , bolts, typewriter ribbons , lubricating oil
example of accessory equipment
typewriter, calculator, drills , etc
example of installations
machinery
factory sites
trucks
an intangible act that satisfies some human need and can be offered for sale…
service
features of service
intangible
perishable - can’t be stored
inseparable
variable
types of services ( read example if u want in book i cannot type !!!! )
financial insurance transport warehousing communication food and lodging entertainment personal repair
3 additional P’s of service
people
physical evidence
process
five year plan to achieve rapid growth of country was launched in
1951
increasing importance of services
economic planning increasing urbanisation media rise in per capita income women workforce greater life expectancy
can services be replaced?
NO
customers participate in the manufacture of a product .. true/false
false
products can be _____ but services can only be ______
owned, hired
(products)cannot be measured .. replace with correct word
services
after sale service is not required in the case of ______
service
product is ______- based whereas services are ____-based
technology , person
