Who Markets?

Question 1

What is a marketer?

Answer 1

A marketer is someone who seeks a response, attention, a purchase, a vote, or a donation from another party, called the prospect.

Question 2

What is the primary responsibility of marketers?

Answer 2

Marketers are responsible for demand management.

Question 3

List the eight demand states.

Answer 3

• Negative demand
• Nonexistent demand
• Declining demand
• Irregular demand
• Latent demand
• Full demand
• Overfull demand
• Unwholesome demand

Question 4

What does negative demand mean?

Answer 4

Consumers dislike the product and may even pay to avoid it.

Question 5

What is nonexistent demand?

Answer 5

Consumers may be unaware of or uninterested in the product.

Question 6

Define declining demand.

Answer 6

Consumers begin to buy the product less frequently or not at all.

Question 7

What is irregular demand?

Answer 7

Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.

Question 8

What does latent demand refer to?

Answer 8

Consumers may share a strong need that cannot be satisfied by an existing product.

Question 9

What is meant by full demand?

Answer 9

Consumers are adequately buying all products put into the marketplace.

Question 10

What does overfull demand indicate?

Answer 10

More consumers would like to buy the product than can be satisfied.

Question 11

Define unwholesome demand.

Answer 11

Consumers may be attracted to products that have undesirable social consequences.

Question 12

What is a traditional definition of a market?

Answer 12

A physical place where buyers and sellers gathered to buy and sell goods.

Question 13

How do economists describe a market?

Answer 13

A collection of buyers and sellers who transact over a particular product or product class.

Question 14

What are the five basic markets?

Answer 14

• Resource markets
• Manufacturer markets
• Intermediary markets
• Consumer markets
• Government markets

Question 15

What do manufacturers do in resource markets?

Answer 15

They buy resources and turn them into goods and services.

Question 16

How do consumers participate in the economy?

Answer 16

Consumers sell their labor and receive money with which they pay for goods and services.

Question 17

What role does the government play in the market?

Answer 17

The government collects tax revenues to buy goods from various markets and provides public services.

Question 18

In marketing terminology, what is a ‘market’?

Answer 18

A grouping of customers viewed by marketers.

Question 19

What are need markets?

Answer 19

Markets based on specific needs, such as the diet-seeking market.

Question 20

Fill in the blank: A product market is also known as the ______.

Answer 20

[shoe market]

Question 21

True or False: Marketers consider sellers as the industry and buyers as the market.

Answer 21

True

Question 22

What are examples of demographic markets?

Answer 22

The youth market.

Question 23

What is a geographic market?

Answer 23

A market defined by a specific geographic area, such as the Chinese market.

Question 26

What is the definition of 'Industry' in marketing?

Answer 26

A collection of sellers ## Footnote Sellers provide goods and services to consumers and businesses.

Question 27

What is the definition of 'Market' in marketing?

Answer 27

A collection of buyers ## Footnote Buyers are the individuals or entities that purchase goods and services.

Question 28

What are the four flows connecting sellers and buyers?

Answer 28

Sellers send: * Goods and services * Communications (ads, direct mail) Buyers send: * Money * Information (customer attitudes, sales data) ## Footnote This illustrates the exchange process in marketing.

Question 29

What are the key customer markets identified?

Answer 29

* Consumer Markets * Business Markets * Global Markets * Nonprofit Markets ## Footnote Each market has distinct characteristics and requirements.

Question 30

What is a characteristic of Consumer Markets?

Answer 30

Companies focus on establishing a strong brand image ## Footnote This involves developing superior products, packaging, availability, and effective communication.

Question 31

What do Business Markets typically involve?

Answer 31

Selling goods to make or resell products at a profit ## Footnote Business buyers are often well-informed and skilled in evaluating competitive offerings.

Question 32

What must global companies consider when entering new markets?

Answer 32

* Which countries to enter * How to enter (exporter, licenser, etc.) * Adapting product features * Pricing strategies * Designing communications ## Footnote They must also navigate cultural, legal, and currency differences.

Question 33

What factors affect pricing for Nonprofit and Governmental Markets?

Answer 33

Limited purchasing power and the need for careful pricing ## Footnote Lower prices can impact the features and quality of offerings.

Question 34

True or False: Advertising plays a greater role than the sales force in Business Markets.

Answer 34

False ## Footnote The sales force, price, and company reputation often play a more significant role.

Question 35

Fill in the blank: Companies selling to nonprofit organizations need to price _______.

Answer 35

[carefully] ## Footnote This is due to their limited purchasing power.

Question 36

What is the focus of government purchasing?

Answer 36

Bids and practical solutions ## Footnote Buyers often favor the lowest bid unless there are extenuating factors.