concepts of marketing

Question 1

a market

Answer 1

physical or virtual place where buyers and sellers can interact with each other to exchange goods and services

Question 2

a market can take form of physical places such as:

Answer 2

livestock market
shopping mall

Question 3

a market can take plae in virtual form such as:

Answer 3

online auction websites
stock market

Question 4

marketing:

Answer 4

process of managing the flow of goods and services to customers

Question 5

the marketing mix (4 Ps)

Answer 5

product
place
promotion
price

Question 6

concept of market size

Answer 6

refers to the numbers of both buyers and sellers in a specific market

Question 7

concept of market share

Answer 7

market share refers to the proportion or percentage of sales within a particular market that is sold by a single business

Question 8

% market share formular

Answer 8

business sales in a time period / total market sales in the whole industry during time period (i.e market size) x 100