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| Question | Answer |
| market | arrangement where goods and services are sold where buyers and sellers exchange goods for money |
| What are the two types of markets? | Housing market and commodity market |
| what is the difference between housing markets and commodity markets? | housing markets are where people buy and sell properties, while commodity markets are where raw materials are traded. |
| market share | share of the total market a business/product enjoys |
| what is the formula for finding the market share? | total product /business sales ________________________________ x100 total sales in the whole market |
| marketing | identifying needs and wants of customers designing products that meets the needs charging the right price convenient locations |
| market research | it's done to identify customers needs |
| Product oriented businesses? | ↑quality ↑design ↑manufacturing for products rather than needs of customers ex:)) Pfizer & Bayer |
| Market oriented business? | focuses on needs/wants ↑market research |
| What is the marketing mix? | key elements in marketing strategy 4Ps |
| Why does a business need a marketing objective? | to help sell products |
| what is an example of a marketing objective? | increase market share by 10% increase number of outlets by 50 |
| what are marketing strategies? | sets of plans to achieve marketing objectives |
| what are some examples of marketing strategies? | improve packaging raise/drop price |
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