Tag: meaning and definition of market

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Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

The Latin word 'Mercatus' means ________.

  1. To trade

  2. To sell

  3. Mechandise

  4. An area
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Latin word 'Mercatus' fundamentally means 'to trade' or 'trade', referring to the act of buying and selling goods. Option C contains a spelling error ('Mechandise' instead of 'Merchandise'). 'To sell' is too narrow and 'An area' describes a physical market space, not the meaning of the word itself.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

In the economic sense, market means.

  1. Place of business

  2. Merchandise

  3. The demand for a commodity

  4. A social institution
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In economics, a market is not just a physical location, but the set of arrangements where buyers and sellers interact, primarily defined by the demand for a commodity.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

The focal point of Modern Marketing is?

  1. Producer

  2. Consumer

  3. Middlemen

  4. Agents
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Modern marketing philosophy is centered on the consumer, aiming to satisfy their needs and wants rather than just pushing products produced by the firm.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

The importance of consumer was accepted in the.

  1. Self-sufficient stage

  2. Exchange-oriented stage

  3. Production oriented stage

  4. Sales-oriented stage
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The sales-oriented stage shifted focus from production to aggressive selling, which necessitated paying more attention to consumer needs to close deals.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

The second stage in the evolution of marketing came with the dawn of.

  1. Great depression

  2. Industrial revolution

  3. Agricultural revolution

  4. All the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Industrial Revolution led to mass production, which necessitated the development of marketing systems to distribute and sell the increased output.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

The first stage in the evolution of marketing is?

  1. Self-sufficient stage

  2. Exchange-oriented stage

  3. Production oriented stage

  4. Sales-oriented stage
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The exchange-oriented stage represents the earliest form of marketing where individuals traded surplus goods, marking the beginning of market activity.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

Concept of market was totally absent in.

  1. Self-sufficient stage

  2. Barter stage

  3. Production oriented stage

  4. Sales oriented stage
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In the self-sufficient stage, individuals produced everything they needed for themselves, meaning there was no surplus to trade and thus no market.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

The present stage of the evolution of the marketing concept is?

  1. Consumer-oriented stage

  2. Sales-oriented stage

  3. Production-oriented stage

  4. Management oriented stage
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The management-oriented stage reflects the current era where marketing is integrated into overall strategic management to achieve long-term organizational goals.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

Marketing is concerned with.

  1. Sales

  2. Various markets

  3. Warehousing

  4. Needs of buyers
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Marketing is fundamentally about identifying and satisfying the needs of buyers through the exchange process.

Multiple choice commercial studies concept of market and marketer meaning and importance of marketing meaning and definition of market introduction to marketing marketing environment meaning and definition of marketer role of marketing

Marketing involves four functions.

  1. Marketing research, product planning, creation of demand and distribution

  2. Product planning, profit maximisation, creation of demand and distribution

  3. Marketing research, warehousing, transportation and distribution

  4. Demand forecasting, sales forecasting, distribution and profit forecasting
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Marketing functions generally encompass the research to understand needs, planning the product, creating demand through promotion, and ensuring distribution to the customer.