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Question
Answer in one sentence.
Define Market.
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Solution
In simple words market is the place where two or more parties are involved in buying and selling. These two parties involved in the transactions are called buyers and sellers.
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RELATED QUESTIONS
Nishtha, Vasvi and Radhika were friends from college time and now they are engaged in different types of businesses. They regularly meet and discuss their business ideas, exchange notes on customer satisfaction, marketing efforts, product designing, selling techniques and social concerns, etc.
Nishtha drew the attention of her friends towards the exploitation of consumers in the market. She said that the sellers were exploiting the consumes in many ways and were not paying attention towards the social, ethical and ecological aspects of marketing. Vasvi said that they were under pressure of consumer satisfaction but observed that the consumers would not buy or not buy enough unless they are adequately convinced and motivated to do the same
Radhika stressed that it was the duty of the businessmen to keep consumer satisfaction in mind because business was run by the resources made available by the society. Thus, a company cannot achieve its objectives without understanding the needs of the customers. The thinking of the three friends was different. These thinkings were guiding the marketing efforts of their business and were known by the different name. Identify these names. Also, state one more feature of each of these thinkings.
State whether the following statement is true or false:
The term market is derived from the Latin word ‘Mercatus’.
Select the correct option and complete the table.
(Mercatus, Industrial goods, Oligopoly, E. Jerome McCarthy, Booms & Bitner)
| Group 'A' | Group ‘B’ |
| 1. Commodity Market | ____________ |
| 2. ____________ | A few sellers |
| 3. ____________ | To trade merchandise |
| 4. 4Ps | __________________ |
| 5. ____________ | 3Ps |
Explain the following term/concept.
Commodity Concept of Market
Explain in detail the concepts of marketing.
What is Marketing?
With which element is the exchange mechanism related?
Marketing is called a ____________ process because it involves the interaction of buyers and sellers.
A person feeling hungry may get food by offering to give money or some other product or service in return to someone who is willing to accept the same for food. The important feature of marketing illustrated above is ______.
Which of the following statement is true regarding marketing?
Which activities are included in CSR?
Which option lists marketing activities in the traditional view?
What does the modern or social view of marketing focus on?
What is the modern meaning of a market?
What freedom must each party have for an exchange?
How must both parties enter into a transaction?
Which group consists of Ideas that can be marketed?
Which group consists of Events that can be marketed?
