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Lesson 8 - The Concepts of Market & Marketing & Differences Between Market Size & Market Share Flashcards | StudBud
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Lesson 8 - The Concepts of Market & Marketing & Differences Between Market Size & Market Share
Lesson 8 - The Concepts of Market & Marketing & Differences Between Market Size & Market Share
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The Concepts of Market and Marketing, & the Differences Between Market Size and Market Share
Flashcards
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Questions
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Answers
1
_______ refers to a planned mix of controllable, inter-dependent elements of a product’s marketing strategy.
Market size
Market share
Markets
Marketing mix
2
Markets can be physical meeting places such as a livestock market or virtual locations such as an online auction website
True
False
3
Numerically, market share is greater than market size.
True
False
4
The marketing mix includes: Product, Price, Place and Promotion
False
True
5
If the market size of an industry is $30,000, and Company X sold $10,000, its market share would be?
33%
75%
66%
25%
6
Activities within the marketing process include:
Developing the market mix
Market research
Determining target markets
All of the above
7
The purpose(s) of markets include:
Determining prices
Facilitate trading
Provide information
All of the above
8
A _____ is a place where buyers and sellers exchange goods and services.
Marketing
Market size
Market
Market share
9
_________ is the management process whereby goods and services are provided to customers.
Market share
Markets
Marketing
Market size
10
If the market size of an industry is $200,000, and Company X sold $50,000, its market share would be?
25%
100%
50%
15%
11
The marketing mix includes: Preview, Production, Placement and Public Relations
False
True
12
_______ is usually stated as the total volume or value of sales in a specific industry.
Markets
Market share
Marketing mix
Market size
13
Knowing _______ is essential for companies wishing to launch new products since small markets tend to be unprofitable.
Markets
Marketing mix
Market size
Market share
14
_______ is the percentage or proportion of sales within the total market sold by one business.
Markets
Market share
Market size
Marketing mix
15
Industries with large market sizes tend to have lower competition.
False
True
16
_______ is the number of buyers and sellers in a particular market
Market share
Marketing mix
Markets
Market size
17
This ad aims to increase
Competition
Market share
Market size
All of the above
18
The marketing mix is sometimes referred to as the 5P's?
False
True
19
A business that holds most of the market share is called a ________.
First mover
Loss leader
Market leader
'Me too' product
20
Within most industries, there are different market sizes relating to each narrower market within the broader market.
False
True
