MARKETING THEORY ANSWERS:
market refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product
i)Market research: is about gathering information concerning your target customers.
ii)Promotion: Most business owners are familiar with the idea of promotion.
iii)Selling: While we tend to think of selling and marketing as being closely linked, selling is last on the list of the seven functions of marketing.
iv)Pricing Setting: the correct price for your product or service can be a challenge.
government market is a group of consumers that consists of local, state and federal authorities.the government market spends the most money of any other consuming group, and so presents an attractive marketing target for some businesses.
reseller market buyers who purchase with the intent of selling those products to others. The reseller market includes wholesalers, retailers, and distributors.
Industrial marketing is the marketing of goods and services by one business to another. Industrial goods are those an industry uses to produce an end product from one or more raw materials.
problem recognition The acknowledgement and definition of an issue that does or may arise during the performance of a process.
Information Search is a stage in the Consumer Decision Process during which a consumer searches for internal or external information.
Evaluating Alternatives During the evaluation of alternatives stage, the consumer evaluates all the products available on a scale of particular attributes.
Purchase decision is the thought process that leads a consumer from identifying need, generating options, and choosing a specific product and brand.
Post-purchase behavior is when the customer assesses whether he is satisfied or dissatisfied with a purchase.
i)to promote the good image of an organisation
ii)to informs the public about the existence of product
iii)to educates the public about the benefit of a product
iv)to entertain the public in its presentation and packaging
i)product to reach large number of people, both at regional as well as at national level.
ii)helps in conveying the message or advertisements with sound, visuals and actions.
iii)Itcan target large number of local people with local cable network channels and independent stations.
i)Cost is very high.
ii)It short, thus they do not express much about the product
iii)It involves complicated procedure.
Political: is attracting increasing interest and utility in public and media discussion
Cultural: offers a unique shopping experience for locals and visitors alike. Nowhere else in Fredericton can you experience a traditional
Technological: the tools and platforms used by sales and marketing organizations to effectively complete their duties.
Economic: is where decisions regarding investment, production, and distribution are based on the interplay of supply and demand, which determines the prices of goods and services
Social: is sometimes seen only as using standard commercial marketing practices to achieve non-commercial goals, this is an oversimplification.
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