What is a buyer's market?

By the book:
A buyer’s market is one in which there were more goods and services than people willing to buy them.

My definition:
A buyer’s market is one which is flooded with goods and services, resulting in a price reduction and a swing in favor of the buyers who get to keep more of their money as they shop for less.

What is a seller's market?

By the book:
A seller’s market is one in which there were more buyers for fewer goods and services.

My definition:
A sellers market is one in which goods and services are in limited supply, resulting in more buyers than sellers. At such times prices increases and the market swings in favor of the sellers who make more money.

What Is the relationship era?

By The Book:
Relationship marketing involves long term, value-added relationships developed over time with customers and suppliers.

My Definition:
The relationship era is the era in which focus is placed on developing and maintaining strong, long term and on going transaction and communication with suppliers, customers, and other businesses, in order to facilitate mutually beneficial ties.

What is the marketing era?

By The Book:
Personal incomes and consumer demand for goods and services dropped rapidly during the Great Depression of the early 1 930s, thrusting marketing into a more important role. Organizational survival dictated that managers pay close attention to the markets for their goods and services. This trend ended with the outbreak of World War II, when rationing and shortages of consumer goods became commonplace. The war years, however, created only a pause in an emerging trend in business: a shift in the focus from products and sales to satisfying customer needs.

My Definition:
The marketing era is after the 1950s when less emphasis was placed on producing and selling goods and more was placed on what the customers wanted and needed.

What is the sales era?

By The Book:
Sales era is the era from 1920 to the early 1950s in which, the manufacturers began to increase their emphasis on effective sales forces to find customers for their output. In this era,firms attempted to match their output to the potential number of customers who would want it.

My Definition:
The sales era is the era in history from 1920 to the early 1950s, in which manufacturers realized that the innovative production apparatus created huge surplus, so they needed to find ways to entice buyers or to keep production in line with demand.

Describe the exchange process.

By the book:
The Exchange Process is any activity in which two or more parties give something of value to each other to satisfy perceived needs.

My Definition:
The exchange process refers to the trading of useful items for other things of value, particularly money.

What is utility?

By the Book:
Utility is the want satisfying power of goods and services. There are four basic kinds of utility; form, time, place and ownership.
Form utility is created when the firm converts raw materials and component inputs into finished goods and services.
& 3. Time and place utility occur when consumers find goods and services available when and where they want to purchase them.
The transfer of title to goods or services at the time of ownership creates ownership utility.

My Definition:
Utility is the usefulness of a goods or service in satisfying the needs and/or wants of consumers, and are broken down into:
(Form) This is the conversion of raw materials into usable goods or services.
(Time) Making goods or services available when consumers want or need to access them.
(Place) Making goods or services available in places where consumers can access them.
(Ownership) Transfer of ownership, Weather from manufacturer to wholesaler, wholesaler to retailer, or retailer to consumer.