External Influences- Competition and Market Flashcards
1
Q
What is competition?
A
A rivalry amongst sellers
2
Q
What is market?
A
Any situation where buyers and sellers are in contact in order to establish price
3
Q
What is a physical market? (Online)
A
Tangeable products that are shipped to you.
4
Q
What is a digital market? (Digital)
A
Downloadable products that can be obtained at any given price.
5
Q
What is market price?
A
Range of which people are willing to purchase products. Price range in a market at which consumers are prepared to pay.
6
Q
What is markup?
A
The difference between the cost of producing an item and the price of which it is sold.
7
Q
If the market price increases, what happens to the markup?
A
It also increases
