when it is said that a market can be reached, it means that _______ course hero

What is marketing a product?

What is the purpose of advertising?

What is market segmentation?

What are the two buying groups?

Why are auto insurance companies segmented?

Do consumers have more time?

Is social media useful in segmenting markets?

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What is marketing a product?

E. marketing a product so that each and every consumer can get value from it.

What is the purpose of advertising?

A. the various types of advertising and promotional campaigns used to sway consumer interest in a product.

What is market segmentation?

A. Market segmentation helps firms define the needs and wants of the customers who are most interested in buying the firm's products.

What are the two buying groups?

D. the two buying groups: those that have never purchased a firm's product, and those that are potential repeat customers.

Why are auto insurance companies segmented?

An auto insurance company segmented its market by both gender and age, and designed different marketing campaigns to appeal to both. In the end, both segments responded the same to the different marketing strategies, in part, because both segments are required to have auto insurance.

Do consumers have more time?

A. they tend to have more time and money than other consumers.

Is social media useful in segmenting markets?

A. Social media is not very helpful in segmenting markets , but it can be a useful tool for marketers once the market has already been segmented. B. By segmenting the market by those who are active on social media, companies can connect with a larger and more diverse consumer base.

How often do consumers reevaluate products?

Consumers generally reevaluate products every time they make a buying decision .

What is product position?

A product's position is defined by the number of competitors in a market. Product positioning has little influence on the design of marketing mixes. Consumers cannot position products with or without the help of marketers. To simplify the buying process, consumers are likely to position products in their minds.

Is shopping less expensive than convenience?

Shopping products tend to be less expensive than convenience products .

What happens when the market price is above equilibrium?

If the market price is above the equilibrium value, there is an excess supply in the market (a surplus), which means there is more supply than demand. In this situation, sellers will tend to reduce the price of their good or service to clear their inventories.

When is market equilibrium achieved?

Market equilibrium is achieved when the demand for something is equal to the available supply. Explore the nuances of supply, demand, and equilibrium in economics applied to real-world examples including flat-screen TVs and gas prices. Updated: 09/17/2021

What happens when the price of a product is below equilibrium?

If the market price is below the equilibrium value, then there is excess in demand (supply shortage). In this case, buyers will bid up the price of the good or service in order to obtain the good or service in short supply. As the price goes up, some buyers will quit trying because they don't want to, or can't, pay the higher price. Additionally, sellers, more than happy to see the demand, will start to supply more of it. Eventually, the upward pressure on price and supply will stabilize at market equilibrium.

What is market equilibrium?

Definition of Market Equilibrium. Market equilibrium is a market state where the supply in the market is equal to the demand in the market. The equilibrium price is the price of a good or service when the supply of it is equal to the demand for it in the market. If a market is at equilibrium, the price will not change unless an external factor ...

What happens if the price of gasoline increases?

If the price increases too much, people will start driving less and will buy less fuel. As the demand for fuel goes down after the summer vacation period is over, and the supply increases as refineries gear up again, the supply of fuel will increase, which will push the price to equilibrium. Lesson Summary.

When does equilibrium occur?

Market equilibrium occurs when market supply equals market demand. The equilibrium price of a good or service, therefore, is its price when the supply of it equals the demand for it.

How many containers are in equilibrium at $300?

The equilibrium point is thus 1,200 containers at $300 each.

What is marketing a product?

E. marketing a product so that each and every consumer can get value from it.

What is the purpose of advertising?

A. the various types of advertising and promotional campaigns used to sway consumer interest in a product.

What is market segmentation?

A. Market segmentation helps firms define the needs and wants of the customers who are most interested in buying the firm's products.

What are the two buying groups?

D. the two buying groups: those that have never purchased a firm's product, and those that are potential repeat customers.

Why are auto insurance companies segmented?

An auto insurance company segmented its market by both gender and age, and designed different marketing campaigns to appeal to both. In the end, both segments responded the same to the different marketing strategies, in part, because both segments are required to have auto insurance.

Do consumers have more time?

A. they tend to have more time and money than other consumers.

Is social media useful in segmenting markets?

A. Social media is not very helpful in segmenting markets , but it can be a useful tool for marketers once the market has already been segmented. B. By segmenting the market by those who are active on social media, companies can connect with a larger and more diverse consumer base.