Match each definition to the corresponding term.
-A(n)_____ occurs when there are more sellers (or products)than buyers.
A)utility
B)buzz marketing
C)exchange process
D)seller's market
E)buyer's market
F)marketing myopia
G)social responsibility
H)relationship marketing
I)person marketing
J)place marketing
K)event marketing
L)organization marketing
M)interactive marketing
N)lifetime value of a customer
O)social marketing
P)one-to-one marketing
Q)strategic alliances
R)not-for-profit organizations
S)ethics
T)mobile marketing
U)wholesalers
V)transaction-based marketing

Question

Quizplus · Accepted Answer

A buyer's market occurs when there are more sellers (or products) than buyers, giving buyers more negotiating power and potentially lower prices.

Answer: D 
 A seller's market occurs when there are more buyers than sellers (or products), giving sellers more negotiating power and potentially higher prices.

Answer: F 
 Marketing myopia is the tendency for companies to focus too narrowly on their specific product or industry and miss the bigger picture of customer needs and desires.

Answer: G 
 Social responsibility refers to a company's obligation to consider the impact of its actions on society and the environment, beyond just making a profit.

Answer: H 
 Relationship marketing is the practice of building long-term relationships with customers based on trust, loyalty, and personalized interactions.

Answer: I 
 Person marketing involves building a brand around a specific person, such as a celebrity or expert.

Answer: J 
 Place marketing is the promotion of a particular location or destination, such as a city, region, or tourist attraction.

Answer: K 
 Event marketing involves promoting a specific event, such as a concert, sporting event, or festival.

Answer: L 
 Organization marketing refers to marketing efforts focused on promoting an entire organization, rather than just a specific product or service.

Answer: M 
 Interactive marketing involves engaging with customers in two-way interactions, such as on social media or through personalized websites and emails.

Answer: N 
 Lifetime value of a customer refers to the estimated total value a customer will bring to a company over the entire duration of their relationship.

Answer: O 
 Social marketing is the use of marketing techniques to promote socially beneficial behaviors or causes, such as public health campaigns.

Answer: P 
 One-to-one marketing involves tailoring marketing efforts specifically to individual customers, based on their unique preferences and behaviors.

Answer: Q 
 Strategic alliances are partnerships between two or more companies to achieve mutual benefits, such as shared resources, increased market power, or access to new markets.

Answer: R 
 Not-for-profit organizations are organizations that do not exist to make a profit, but rather to further a particular social or cultural cause.

Answer: S 
 Ethics refers to a set of moral principles or values that guide decision-making and behavior, particularly in the context of business and professional settings.

Answer: T 
 Mobile marketing involves marketing efforts that are specifically designed for mobile devices, such as smartphones or tablets.

Answer: U 
 Wholesalers are intermediaries that buy products in bulk from manufacturers and sell them to retailers or other businesses.

Answer: V 
 Transaction-based marketing is a traditional approach to marketing that focuses primarily on individual sales transactions, rather than long-term customer relationships.

Match Each Definition to the Corresponding Term