MKT 504 Chapter 3: MKT 504 Chapter : MKT504 - Vocabulary (Ch .3)
12 Feb 2019
School
Department
Course
Professor
Document Summary
Consumer markets: a market in which consumers purchase goods and services for their use or consumption. Business markets: a market composed of firms, institutions, and governments that acquire goods and services to use as inputs into their own manufacturing process, for use in their day-to-day operations, or for resale to their own customers. Derived demand: demand in business markets that is closely associated with the demand for consumer goods. Acceleration principle: when demand increases (or decreases) in the consumer market, the business market reacts by accelerating the buildup (or reduction) of inventories and increasing (or decreasing) plant capacity. Desired states: a state of being based on what the buyer desires. Actual states: a buyer"s actual state of being. Needs gap: a perceived difference between a buyer"s desired and actual state of being. Situational needs: the needs that are contingent on, and often a result of, conditions related to the specific environment, time, and place.
