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WAEC Marketing 2018 Question 19

Question 19

Markets

In marketing, market is described as

  1. A.an area where buyers and sellers interact.
  2. B.a set of all actual and potential buyers of a product.
  3. C.a collection of profit and non-profit organizations.
  4. D.a collection of people with similar interest
Show the answer and explanation

Answer: B (a set of all actual and potential buyers of a product.)

Explanation

Marketers define a market as the set of all actual and potential buyers of a product, not a place.