Theory question 101
Markets(a) What is a market in marketing? (b) State four functions of marketing. (c) Explain the following: (i) government market; (ii) reseller market; (iii) industrial market.
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(a) A market is the set of actual and potential buyers of a product who have the need, the money and the willingness to buy it.
(b) Any four: buying; selling; transportation; storage/warehousing; standardisation and grading; financing; risk bearing; marketing research/information; promotion.
(c)(i) Government market: government ministries and agencies that buy goods and services to provide public services.
(ii) Reseller market: wholesalers and retailers who buy goods to resell at a profit.
(iii) Industrial market: firms that buy goods and services to use in producing other goods and services.
Define each market by who buys and why.