GK
MARKETING MANAGEMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Segment
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Need
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Value
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Market
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Detailed explanation-1: -The marketer defines a market as a collection of all the potential and actual buyers of a product or service. A market is the set of buyers and the industry is the set of sellers. The size of the market is determined by the number of buyers who might exist and they have 3 characteristics: interest, income and access.
Detailed explanation-2: -A company’s potential customer is usually referred to as a prospect. It is a person who has the potential to be interested in the services and products that are offered by the company but has not yet purchased.
Detailed explanation-3: -It is the set of actual and potential buyers of a product or service. These buyers share a particular need or want that can be satisfied through exchange relationships. Marketing means managing markets to bring about profitable customer relationships. However, creating these relationships takes work.