1.1 Flashcards
What are 2 types of markets
consumer
industry
what are some features of a consumer market
fast moving consumer goods (FMCG)
soft goods
durable goods
services
what are 2 features of a industry market
business to business (B2B)
business to consumer (B2C)
what are fast moving consumer goods
Goods which are used and replaced often and are a necessity despite their perishable nature such as snacks
what is durable good
goods that do not need to be purchased very often and last for 3 years
what are white goods
appliances mostly found in kitchens such as microwave and fridges
what are brown goods
electrical appliances such as televisions and audio equipment
why do durable goods matter
economists look at the consumption of white goods to see how strong the economy is
what are soft goods
products made of cloth such as clothes, curtains, and sheets:
what are services
services provide personal labour or expertise to clients such as a car wash
what is business to business
when a one business sells products to another business which are not aimed at customers
Example -KAI Fabrics sells furniture to nandos
what is business to customer
a business sells its services/goods to a customer such as a supermarket
what is a mass market
a large group of consumers with a wide range of backgrounds and interests who are interested in buying similar products
what are the pros of a mass market
Take advantage of economies of scale
market domain potential ( large markets can lead to high market share)
what are the cons of a mass market
Environmental impact
labour exploitation
monopoly power (
