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Techno > Market > Flashcards

Market Flashcards

1
Q

A gathering place for consumers and sellers where they can exchange goods and services.

A

Market

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2
Q

A place where buyers and sellers may interact in person and exchange money for the desired goods.

A

Physical Market

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3
Q

Customers in these markets make online purchases of goods and services.

A

Virtual or Non-physical market

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4
Q

Type of market wherein the purchasers or bidders compete with one another.

A

Auction market

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5
Q

An illicit exchange or marketplace where deals are made without the knowledge or supervision of authorities or regulatory bodies.

A

Black market

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6
Q

Any location where bonds, currencies, and other securities are traded between two parties

A

Financial market

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7
Q

These markets offer the things that are used as raw materials in the manufacture of other products

A

Market for Intermediate goods

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8
Q

T/F: While creating a new product or service or entering a new market outlet, it is crucial for any firm to identify their core consumer group.

A

True

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9
Q

T/F: Knowing the target market is not beneficial for the creation of products as well as for the execution of marketing strategies and the choice of suitable sales channels.

A

False

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10
Q

T/F: A thorough understanding of the target market will help you implement effective and targeted promotion, cater to your most valuable customers, design new products that meet customer needs, choose the best outlets for your product(s), and provide services that meet the needs and demands of your market.

A

True

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11
Q

T/F: A consumer’s demographics include information about their age, income, and level of education.

A

True

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12
Q

T/F: The target market’s interests, goals, and pastimes are included in the demographics.

A

False

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13
Q

T/F: Consumer surveys, pricing experiments, in-person interviews, focus groups, etc. are examples of secondary research methodologies

A

False

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14
Q

T/F: Primary data may be replaced by secondary data provided by governmental organizations, consulting firms, etc., or it may be further supplemented.

A

True

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15
Q

T/F: Demand is produced by buyers.

A

True

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16
Q

T/F: Supply is produced by buyers.

A

False

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17
Q

___________ is an undifferentiated marketing strategy in which the organization decides to ignore niche marketing, market segments and attempts to appeal to the entire market with one strategy or one offer.

A

Mass marketing

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18
Q

The ___________ determines the prices for goods and other services regardless of the situation.

A

Market

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19
Q

The _______ and __________ are the two parties involved in a transaction.

A

Buyer, Seller

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20
Q

It is a setting where two or more parties exchange products, services, and information.

A

Market

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21
Q

What are the four medium of mass marketing?

A
  • Magazine and email marketing
  • newspaper
  • social media
  • television
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22
Q

___________ is the process of dividing a target market into smaller groups with similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location.

A

Market segmentation

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23
Q

It refers to segmenting audiences based on observable, person-based differences.

A

Demographic segmentation

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24
Q

It is segmenting your market based on consumer behaviors, particularly those related to your product.

A

Behavioral segmentation

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25
Q

A simple but effective segmentation strategy wherein your market is divided based on their location

A

Geographic segmentation

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26
Q

It is similar to demographic segmentation, but it focuses on mental and emotional characteristics.

A

Psychographic segmentation

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27
Q

Give the six examples of psychographic characteristic

A
  • attitudes
  • beliefs
  • interests
  • lifestyles
  • personality traits
  • value
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28
Q

A type of market segmentation wherein some businesses will split up a market based on the “transactional worth” of their customers — how much they’re likely to spend on their products

A

Value segmentation

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29
Q

This is similar to demographic segmentation with individual consumers but instead looks at the characteristics of companies that may become customers.

A

Firmographic segmentation

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30
Q

Businesses may segment consumers by generation and group them into categories that include Gen Z, Millenials, Generation X, Baby Boomers and the Silent Generation.

A

Generational segmentation

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31
Q

Type of market segmentation wherein you segment your market into groups based on where they are in their lives.

A

Lifestyle segmentation

32
Q

Type of market segmentation wherein buy different items at different times of the year. Major holidays such as Christmas and Hanukkah also significantly impact purchasing.

A

Seasonal segmentation

33
Q

___________ is a detailed investigation of a specific market within an industry, including market size, critical success factors, distribution methods, target audience, profitability and growth rate, and market trends.

A

Market analysis

34
Q

__________ seeks to examine and comprehend market circumstances, trends, and competition in order to make sound business decisions.

A

Market analysis

35
Q

__________ is to provide an overview of the market’s features and potential future trends in order to assist businesses with making educated decisions, identifying opportunities, and developing strategies to meet their goals and objectives.

A

Market study

36
Q

What are the four goals of market analysis?

A
  • attractiveness of the market
  • new business opportunities
  • understanding the dynamic of the market
  • under the mind of a customer
37
Q

The volume and potential of the market determine ____________

A

Market size

38
Q

The __________ represents the overall realized sales volume of a specific market.

A

Market volume

39
Q

________ is the expansion of a market’s size, value, or volume over time.

A

Market growth

40
Q

It refers to a company’s or business’s ability to earn income in excess of its expenses.

A

Profitability

41
Q

The ratio of gross profit to sales means the entity can recover its cost of production from
the revenue it is earning.

A

Gross profit margin

42
Q

___________ is commonly used to compare a company’s performance with others and is
widely used in valuation and project financing.

A

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

43
Q

Its earnings before interest, tax, depreciation, and amortization.

A

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

44
Q

The ratio of net profit to sales.

A

Net profit margin

45
Q

The percentage of earnings to sales before interest expense and income taxes.

A

Operational profit margin

46
Q

___________ is the profit earned after reducing operational costs, depreciation, and
dividend from gross profit.

A

Net profit

47
Q

It is a significant factor while running a business. It basically sees how much cost is required
to get your products for sale.

A

Industry cost structure

48
Q

This model is useful for determining where value is added and for isolating the costs

A

Porter’s value chain model

49
Q

He introduced the concept of value chain.

A

Michael Porter

50
Q

It is a set of activities that an organization carries out to create value for its customers.

A

Value chain

51
Q

What are the two elements in Porter’s Value Chain?

A

Primary activities
Support activities

52
Q

These are all the processes related to receiving, storing, and distributing inputs internally.

A

Inbound logistics

53
Q

These are the transformation activities that change inputs into outputs that are sold to
customers.

A

Operations

54
Q

These activities deliver your product or service to your customer. These are things like
collection, storage, and distribution systems, and they may be internal or external to your
organization.

A

Outbound logistics

55
Q

These are the processes you use to persuade clients to purchase from you instead of your
competitors.

A

Market and Sales

56
Q

These are the activities related to maintaining the value of your product or service to your
customers, once it’s been purchased.

A

Service

57
Q

These activities support the primary functions.

A

Support activities

58
Q

This is what the organization does to get the resources it needs to operate. This includes
finding vendors and negotiating the best prices.

A

Procurement

59
Q

This is how well a company recruits, hires, trains, motivates, rewards, and retains its
workers

A

Human Resource Management

60
Q

These activities relate to managing and processing information, as well as protecting a
company’s knowledge base.

A

Technical development

61
Q

These are a company’s support systems, and the functions that allow it to maintain daily
operations.

A

Infrastructure

62
Q

A set of middlemen or intermediaries who help an organization in the flow of goods and
services from the manufacturers to the consumers.

A

Distribution channel

63
Q

It is a distribution level through which an organization directly sells its products to the
customers without the involvement of any intermediary.

A

Zero level

64
Q

When a middleman or intermediary is involved in the distribution process, it means the
organisation is using ____________________ of Distribution.

A

Indirect channel

65
Q

________ are a significant part of the marketing analysis.

A

Market trend

66
Q

_______ state the important elements required for a company to compete in its
target markets.

A

Key success factors

67
Q

Key success factors is also known as __________

A

Competitive emphasis / strategic posture

68
Q

Types of Market

A
  • auction market
  • black market
  • financial market
  • market for intermediate goods
  • physical market
  • virtual or non-physical market
69
Q

Benefits of finding a target market

A
  • more effective marketing mix
  • helps you choose the right market channel
  • use limited time, money, and resources efficiently
  • maximize sales and profits
70
Q

Enumerate the medium of mass marketing

A
  • magazines and email marketing
  • newspaper
  • social media
  • television
71
Q

Enables brands to develop strategies for various types of consumers based on how they
perceive the overall value of specific products and services.

A

Segmentation

72
Q

You may be able to obtain demographic data from customers directly by looking at their ___________

A

Social media

73
Q

_________ segmentation is similar to demographic segmentation, but it focuses on mental and
emotional characteristics.

A

Psychographic

74
Q

___________ companies may use firmographic segmentation to divide up the businesses in a
market.

A

Business to business

75
Q

In order to grow, there must be ______ who have yet to be reached.

A

Potential customer

76
Q

An ____ is a good indicator of the economy and the businesses that operate inside it.

A

Increasing market

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