Who Markets? Flashcards
What is a marketer?
A marketer is someone who seeks a response, attention, a purchase, a vote, or a donation from another party, called the prospect.
What is the primary responsibility of marketers?
Marketers are responsible for demand management.
List the eight demand states.
- Negative demand
- Nonexistent demand
- Declining demand
- Irregular demand
- Latent demand
- Full demand
- Overfull demand
- Unwholesome demand
What does negative demand mean?
Consumers dislike the product and may even pay to avoid it.
What is nonexistent demand?
Consumers may be unaware of or uninterested in the product.
Define declining demand.
Consumers begin to buy the product less frequently or not at all.
What is irregular demand?
Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.
What does latent demand refer to?
Consumers may share a strong need that cannot be satisfied by an existing product.
What is meant by full demand?
Consumers are adequately buying all products put into the marketplace.
What does overfull demand indicate?
More consumers would like to buy the product than can be satisfied.
Define unwholesome demand.
Consumers may be attracted to products that have undesirable social consequences.
What is a traditional definition of a market?
A physical place where buyers and sellers gathered to buy and sell goods.
How do economists describe a market?
A collection of buyers and sellers who transact over a particular product or product class.
What are the five basic markets?
- Resource markets
- Manufacturer markets
- Intermediary markets
- Consumer markets
- Government markets
What do manufacturers do in resource markets?
They buy resources and turn them into goods and services.
How do consumers participate in the economy?
Consumers sell their labor and receive money with which they pay for goods and services.
What role does the government play in the market?
The government collects tax revenues to buy goods from various markets and provides public services.
In marketing terminology, what is a ‘market’?
A grouping of customers viewed by marketers.
What are need markets?
Markets based on specific needs, such as the diet-seeking market.
Fill in the blank: A product market is also known as the ______.
[shoe market]
True or False: Marketers consider sellers as the industry and buyers as the market.
True
What are examples of demographic markets?
The youth market.
What is a geographic market?
A market defined by a specific geographic area, such as the Chinese market.
What is the definition of ‘Industry’ in marketing?
A collection of sellers
Sellers provide goods and services to consumers and businesses.
What is the definition of ‘Market’ in marketing?
A collection of buyers
Buyers are the individuals or entities that purchase goods and services.
What are the four flows connecting sellers and buyers?
Sellers send:
* Goods and services
* Communications (ads, direct mail)
Buyers send:
* Money
* Information (customer attitudes, sales data)
This illustrates the exchange process in marketing.
What are the key customer markets identified?
- Consumer Markets
- Business Markets
- Global Markets
- Nonprofit Markets
Each market has distinct characteristics and requirements.
What is a characteristic of Consumer Markets?
Companies focus on establishing a strong brand image
This involves developing superior products, packaging, availability, and effective communication.
What do Business Markets typically involve?
Selling goods to make or resell products at a profit
Business buyers are often well-informed and skilled in evaluating competitive offerings.
What must global companies consider when entering new markets?
- Which countries to enter
- How to enter (exporter, licenser, etc.)
- Adapting product features
- Pricing strategies
- Designing communications
They must also navigate cultural, legal, and currency differences.
What factors affect pricing for Nonprofit and Governmental Markets?
Limited purchasing power and the need for careful pricing
Lower prices can impact the features and quality of offerings.
True or False: Advertising plays a greater role than the sales force in Business Markets.
False
The sales force, price, and company reputation often play a more significant role.
Fill in the blank: Companies selling to nonprofit organizations need to price _______.
[carefully]
This is due to their limited purchasing power.
What is the focus of government purchasing?
Bids and practical solutions
Buyers often favor the lowest bid unless there are extenuating factors.
