Marketing Concept

Question 1

When is marketing necessary?

Answer 1

When supply is higher than demand.

Question 2

How did the Industrial evolution change marketing?

Answer 2

It skyrocketed supply. Gave consumers more choice.

Question 3

What is significant about marketing today compared to the past.

Answer 3

Consumers are more knowledgeable than ever.

Consumers have more choice than ever.

Question 4

What 2 parts is the market composed of?

Answer 4

Consumer market

Competetive market

Question 5

What is the consumer market?

Answer 5

Refers to all consumers who are or may become interested in a particular product or sevice.

Question 6

What is the target market?

Answer 6

Specific group of consumers that the marketer most wants to attract.

Question 7

What is an aggregate market?

Answer 7

If the target market includes everyone (rare occurance)

Ex. Coca Cola

Question 8

How would differentiated markets be categorized?

Answer 8

Consumer's income
Geographical location
Personal values
Gender
Age

Question 9

What is the competetive market?

Answer 9

Comprises all products or services that compete with one another in a specific category.

Question 10

What are the 3 competetive market categories?

Answer 10

Narrow
Unrelated
Broad