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ls 1 Flashcards

1
Q

mechanism through which products and services are exchanged, sold and transferred

A

Market

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2
Q

Market is a place where products are sold. what concept of market tells this?

A

Place

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3
Q

According to the area concept of market, market is a ..

A

geographical area where buyers and sellers meet

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4
Q

Example of market according to place concept

A

hatt, bazaar, market

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5
Q

Example of market according to area concept

A

European Common market

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6
Q

Demand concept of market

A

aggregate demand for a product/service

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7
Q

What is meant by exchange concept of market?

A

organisation via which exchange of an item takes place

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8
Q

example of exchange concept of market

A

Stock exchange

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9
Q

Market consist of buyers and sellers and middlemen who assist in buying and selling .. what concept of market tells this?

A

People concept

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10
Q

Wherever a buy or sell takes place is a _____.

A

Market

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11
Q

On the basis of geographical area, markets can be classified as :( with example )

A

Local - village/town
regional - South India
National - India
International - European Union

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12
Q

On the basis of volume of business .. markets can be classified as :

A

wholesale and retail

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13
Q

What is wholesale market?

A

goods - sold in bulk to retailers

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14
Q

What is retail market

A

Goods - sold by retailers to consumers - small quantity

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15
Q

On the basis of subject of exchange…markets can be classified as :

A

Capital
money
commodity

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16
Q

What is capital market ?

A

specialised - long term finance - business enterprises

Ex: Stock exchange, investment trust

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17
Q

What is commodity market ?

A

Organised market - commodities - bought and sold - prescribed rules
Ex: Cotton market

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18
Q

What is money market?

A

Specialised market - short term finance - business enterprises
Ex: All banks

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19
Q

On the basis of position of buyers and sellers.. markets can be classified as :

A

Primary
SEcondary
Terminal

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20
Q

What is primary market?

A

producer — agricultural product - wholesaler

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21
Q

What is secondary market?

A

wholesaler- retailer

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22
Q

What is terminal market?

A

retailers - consumers

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23
Q

on the basis of nature of transactions, markets can be classified as:

A

Spot market

Future market

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24
Q

What is spot market?

A

goods - physically transferred from seller to buyer

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25
Q

What is future market ?

A
  1. future contracts - bought and sold
  2. no intention of delivery of goods
  3. profit out of price fluctuation
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26
Q

On the basis of nature of goods …markets can be classified as :

A

Consumer market and producer market

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27
Q

what is consumer’s market

A

bought for personal consumption

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28
Q

what is producer’s market

A

bought for use in further production

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29
Q

In a catalogue market, _________, _______, _________ goods are sold at _____ prices

A

high mark up, fast moving, branded

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30
Q

Catalogue showrooms cut ___ and _____ to attract higher volume of _______

A

costs, margins, sales

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31
Q

who sells through in-house market?

A

Eureka Forbes

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32
Q

two disadvantages of in-house market

A

time consuming and costly

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33
Q

goods are dispatched through ______/________ in mail order market

A

V.PP/ courier

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34
Q

well know brands of products of daily use are sold through

A

automatic vending machines

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35
Q

Mother Dairy sells through

A

automatic vending machines

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36
Q

automatic vending machines are installed in _____

A

public places

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37
Q

Television has become a popular medium for direct marketing due to

A

growing satellite network and cable channels

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38
Q

Path of network market

A

marketer-distributor-sub distributor-employ persons to sell at homes

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39
Q

another name for network market

A

multi-level market

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40
Q

example of network market

A

amway
avon
herbalife
tupperware

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41
Q

products not available at retail outlets can be provided by ___market

A

network market

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42
Q

Marketing is a ____ and _____ process

A

social ,managerial

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43
Q

Marketing is a part of total environment - implies?

A

it is a dynamic concept

44
Q

marketing creates _____,_____,_____ utilities

A

time, place, possession

45
Q

how is time utility created by marketing?

A

by preserving goods for use in future

46
Q

how is place utility created by marketing?

A

by carrying goods to places where they are needed most

47
Q

how is possession utility created by marketing ?

A

by transferring goods from producer to customer

48
Q

marketing is a _____ as well as ______

A

art, science

49
Q

marketing is wider than __.

A

market

50
Q

even in non business organisations, marketing is used.. this implies that marketing is________

A

pervasive

51
Q

foremost objective of marketing

A

satisfy consumer needs and wants

52
Q

objectives of marketing are:

A

consumer satisfaction
organisational integration
profitability
social service

53
Q

_________ gave way to barter system

A

self sufficiency

54
Q

production oriented stage - time period

A

1869-1930

55
Q

sales oriented stage - time period

A

1930 - 1950

56
Q

product oriented stage

A

1950-1960

57
Q

marketing oriented stage

A

1960-1980

58
Q

societal marketing stage

A

1980- present

59
Q

motto of production oriented stage

A

” sell what can be produced”

60
Q

what is Say’s law

A

Supply creates its own demand

61
Q

customers buy products which are low priced and easily available .. what stage of marketing is this

A

production oriented stage

62
Q

Marketing during production oriented stage consisted of mere _____

A

distribution

63
Q

main drawback of production oriented stage

A

customers don’t always buy products which are cheap and easily available

64
Q

production oriented stage lasted till the _______

A

great depression

65
Q

what was the motto of sales-oriented stage

A

” get rid of what u have”

66
Q

customer’s importance was realised but only a means of disposing products .. what stage of marketing is this

A

sales-oriented stage

67
Q

focus was on _____during sales-oriented stage

A

increasing sales

68
Q

supply exceeds demand in

A

sales-oriented stage

69
Q

demand exceeds supply in..

A

production oriented stage

70
Q

sales-oriented marketing is still used in ______, _______

A

insurance, charity fund raising

71
Q

which stage of marketing is called marketing myopia?

A

Product oriented stage

72
Q

in Product oriented stage, focus shifted from promotion to _____

A

product improvement

73
Q

overemphasis on ______ overlooks other aspects which influence customer satisfaction

A

product quality

74
Q

belief during Product oriented stage

A

customers will buy if the quality is good

75
Q

consumer is considered as king in which stage?

A

marketing oriented stage

76
Q

Marketing became the heartbeat of business only when

A

importance of consumer satisfaction was realised

77
Q

what stage of marketing exists now?

A

societal marketing

78
Q

marketing is said to be the ____ and ____ of business

A

eye and ear

79
Q

what has converted yesterday’s luxuries into today’s necessities?

A

marketing

80
Q

anything tangible that can be offered to a market for attention, acquisition use or consumption that can satisfy a want or need

A

Product

81
Q

features of a product

A 
tangible
associated attributes
life cycle 
exchange value 
need satisfaction
82
Q

products can be broadly classified as :

A

consumer and industrial

83
Q

consumer products can be classified as:

A

convenience products
shopping products
specialty products

84
Q

products which are purchased with minimum efforts frequently

A

convenience products

85
Q

example of convenience products

A

newspaper, toothpaste, soap

86
Q

products purchased after a comparative analysis of quality, price etc

A

shopping product

87
Q

example of shopping products

A

TV, fridge, furniture

88
Q

products purchased with special efforts like loan or something

A

specialty products

89
Q

examples of specialty products

A

jewellery, fancy items

90
Q

industrial products can be further classified as :

A

raw material
supplies
accessory equipment
installations

91
Q

example of raw materials

A

cotton, wheat, milk

92
Q

example of supplies

A

nuts , bolts, typewriter ribbons , lubricating oil

93
Q

example of accessory equipment

A

typewriter, calculator, drills , etc

94
Q

example of installations

A

machinery
factory sites
trucks

95
Q

an intangible act that satisfies some human need and can be offered for sale…

A

service

96
Q

features of service

A

intangible
perishable - can’t be stored
inseparable
variable

97
Q

types of services ( read example if u want in book i cannot type !!!! )

A 
financial 
insurance 
transport
warehousing
communication
food and lodging
entertainment 
personal
repair
98
Q

3 additional P’s of service

A

people
physical evidence
process

99
Q

five year plan to achieve rapid growth of country was launched in

A

1951

100
Q

increasing importance of services

A 
economic planning
increasing urbanisation
media
rise in per capita income 
women workforce
greater life expectancy
101
Q

can services be replaced?

A

NO

102
Q

customers participate in the manufacture of a product .. true/false

A

false

103
Q

products can be _____ but services can only be ______

A

owned, hired

104
Q

(products)cannot be measured .. replace with correct word

A

services

105
Q

after sale service is not required in the case of ______

A

service

106
Q

product is ______- based whereas services are ____-based

A

technology , person

commercial applications (5 decks)

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