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Foundations of Business (MindTap C...

6th Edition
William M. Pride + 2 others
Publisher: Cengage Learning
ISBN: 9781337386920

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BuyFindarrow_forward

Foundations of Business (MindTap C...

6th Edition
William M. Pride + 2 others
Publisher: Cengage Learning
ISBN: 9781337386920
Chapter 11, Problem 3DQ
Textbook Problem
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What are the major requirements for a group of individuals and organizations to be a market? How does a consumer market differ from a business-to-business market?

Summary Introduction

To determine: The main necessities for a group of individuals and organizations to be a market and the ways in which consumer market vary from business-to-business market.

Introduction: A market is a gathering of people or businesses, or both, that require products in a given classification and that have the capacity, eagerness, and specialist to buy such items.

Explanation of Solution

The main necessities for a group of individuals and organizations to be a market are as follows:

A market is a gathering of people as well as associations that have requirements for items in a given classification and have the capacity, readiness, and specialist to buy such items.

The ways in which consumer market vary from business-to-business market are as follows:

  • Business-to-business markets:

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Chapter 11 Solutions

Foundations of Business (MindTap Course List)
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Ch. 11.5B - Describe the major approaches used in target...Ch. 11.5B - Identify the four elements of the marketing mix.Ch. 11.6 - Describe the environmental forces that affect a...Ch. 11.6 - How are marketing decisions affected by...Ch. 11.7 - What are the major components of a marketing plan?Ch. 11.7 - Why is developing a well-written marketing plan...Ch. 11.8 - Why is sales forecasting important?Ch. 11.8 - What methods do businesses use to forecast sales?Ch. 11.9C - Data from a marketing information system is...Ch. 11.9C - What are the major reasons for conducting...Ch. 11.9C - Identify and describe the six steps of the...Ch. 11.9C - How does technology facilitate collecting and...Ch. 11.10A - Why is it important to understand buying behavior?Ch. 11.10A - How does a customers decision-marking time vary...Ch. 11.10A - What are the five stages of the consumer buying...Ch. 11.10A - What are the possible influences on this process?Ch. 11.10A - What is the difference between disposable Income...Ch. 11 - What is relationship marketing?Ch. 11 - How is a marketing-oriented firm different from a...Ch. 11 - What are the major requirements for a group of...Ch. 11 - What are the major components of a marketing...Ch. 11 - What is the purpose of market segmentation? What...Ch. 11 - Describe the forces in the marketing environment...Ch. 11 - What is a marketing plan, and what are its major...Ch. 11 - What new information technologies are changing the...Ch. 11 - Why do marketers need to understand buying...Ch. 11 - Is it a good strategy to focus most marketing...Ch. 11 - How might adoption of the marketing concept...Ch. 11 - Is marketing information as important to small...Ch. 11 - How does the marketing environment affect a firms...

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