Market vs Marketing

• What section of the POV principles of business syllabus is being discussed?

  Section six: marketing
• Why is marketing considered a fun topic?

  It allows for imagination and creativity
• What is the definition of a market?

  A place where buyers and sellers meet
• How can a market be defined in a modern context?

  As a network of dealers linked by technology
• What is a simple definition of a market?

  Any situation bringing buyers and sellers together
• What does the economic definition of a market focus on?

  The demand for a particular product or service
• If someone wants to buy shoes, what market are they in?

  The shoe market
• What is the primary function of marketing?

  To get customers to buy a firm's product
• How does marketing differ from advertising?

  Marketing is a broader process than advertising
• What are some components involved in marketing?

  Distribution, advertising, and market research
• What is market research used for?

  To answer questions about the market
• What types of data can market research use?

  Primary data and secondary data
• What is primary data?

  Data collected directly by the company
• How is secondary data defined?

  Information collected from other sources
• What are some marketing activities besides market research?

  Pricing, packaging, branding, and advertising
• What factors influence consumer behavior?

  Price, quality, income, and brand loyalty
• How does income affect consumer decisions?

  It determines what products consumers can afford
• What is meant by spending patterns in consumer behavior?

  Prioritizing essential items over non-essentials
• What role does price play in consumer decision-making?

  It significantly influences purchasing choices
• Why is marketing considered dynamic?

  It constantly evolves with consumer trends
• Give an example of marketing seen in everyday life.

  Advertising for movies and clothing
• Why is market research crucial before starting a business?

  It helps understand consumer demand and preferences
• Who are the market leaders in the smartphone industry?

  Apple and Samsung
• What is the role of social media marketing?

  To promote products through social platforms
• What are considered priority items for purchase?

  Rice, toilet paper, and bread
• How does extra money influence purchasing decisions?

  It allows for non-essential items like snacks
• What influences a consumer's spending pattern?

  Individual priorities and necessities
• How does price affect consumer decision-making?

  Price influences perceived value and affordability
• What happens if a product is perceived as too expensive?

  Consumers may choose not to buy it
• What is the effect of a product being perceived as too cheap?

  Consumers may doubt its quality
• How does income relate to price in consumer behavior?

  Income affects what consumers can afford
• What is the role of substitute products in consumer choices?

  Substitutes influence decisions based on price
• What are common staple foods in the Caribbean?

  Rice, pasta, and cornflakes
• How do consumers decide between butter and margarine?

  Based on price and perceived quality
• What factors influence the choice between pork and chicken?

  Price and consumer preferences
• How does quality affect consumer purchasing decisions?

  High-quality products are more likely to be purchased
• What does 'taste' refer to in economics?

  Consumer preferences in products and styles
• How do changing tastes affect consumer behavior?

  They influence what consumers choose to buy
• What is the impact of tradition on consumer choices?

  Tradition influences product selection based on upbringing
• What is brand loyalty?

  Preference for a brand based on past experiences