12. Markets and market forces Flashcards

1
Q

Market

A

Buyers and sellers exchange goods and services

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2
Q

Consumer goods and service market

A

Selling goods to the general public (B2C)

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2
Q

Capital goods market

A

Tangible goods sold from one business to another (B2B)

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3
Q

Mass market

A

Large market, for customers from diverse backgrounds (undifferentiated)

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3
Q

Labour market

A

People sell their abilities and businesses buy those abilities

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3
Q

Niche market

A

Smaller section of the larger market (unique to certain group of customers)

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3
Q

Size

A

Calculated by adding together all sales within a marketplace

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3
Q

Location

A

The geographical territory in which the business trades

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4
Q

Market share

A

Represents the proportion of sales a business has achieved shown as a % of the total sales

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4
Q

Differentiation of products

A

Sufficiently different products from others to make it more appealing to specific target market customers

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