Marketing
20th Edition
ISBN: 9780357033791
Author: Pride, William M
Publisher: South Western Educational Publishing
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Question
Chapter 6, Problem 1DRQ
Summary Introduction
To discuss: Market and the requirements for a market.
Expert Solution & Answer
Explanation of Solution
A group of people as in individual or an organization that has the necessity for the products in a product class and has the capability, readiness, and authority to buy those products is known as a market.
The requirements for a market are as follows:
- People must have their need for a particular product in a product category.
- The consumer must have the capability to buy the product.
- The consumer must have their willingness to utilize their
purchasing power . - They must have the authority to purchase those particular products.
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