Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BUS101 Saylor Adcamy
Unit 1; 1.1; Section 3; Q & A
| Question | Answer |
|---|---|
| What is a market in mainstream economics? | Any structure that allows buyers and sellers to exchange goods, services, and information. |
| Why is understanding market needs vital for a firm? | Because it determines the firm's ability to survive and stay competitive in the market. |
| What is market research? | The systematic gathering and analysis of information about individuals or organizations to support decision-making. |
| What is the role of market research? | To identify and analyze market needs, size, competition, and how to market a product. |
| What is market segmentation? | The division of a market into subgroups with similar motivations. |
| List examples of different types of markets. | Retail markets, internet markets, auction markets, labor markets, stock markets, and illegal markets. |
| What does market orientation mean? | Focusing a company’s activities and products on consumer demands. |
| How does a customer-driven approach affect marketing strategy? | No strategy is pursued unless it passes consumer research tests. |
| What does a market enable in society? | The distribution and allocation of resources. |
| What is a transaction? | The exchange of goods or services for money. |
| Who are market participants? | All the buyers and sellers of a specific good. |
| What are the two main roles in a market? | Buyer and seller. |
| Why do firms perform market segmentation? | To distinguish and target specific customer groups more effectively. |
| Name three tools used in market research for film releases. | Focus groups, test screenings, exit surveys. |
| What is concept testing in market research? | Evaluating reactions to a film idea before production or release. |
| What is the purpose of tracking studies in marketing? | To measure audience awareness of a product over time. |
| What are market trends? | The upward or downward movement of a market over time. |
| Why is estimating market size difficult for new products? | Because it requires estimating potential customer segments without historical data. |
| What are examples of segmentation criteria? | Geographic, demographic, psychographic, personality, technographic, product use, gender. |
| What is the first step in a consumer-driven marketing approach? | Understanding the needs and wants of the consumer. |
Created by:
nutrient37
Popular Business sets