external influences - physical and non-physical markets Flashcards

1
Q

distinguish between physical and non-physical markets, including online and digital

A

a physical market is an in shop/ interaction between customer and owner and a non-physical market is online

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2
Q

define market

A

any situation where buyers and sellers are in contact with each other in order to establish price

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3
Q

what are the benefits of a non-physical market?

A
  • more convenient than physical shop
  • available 24/7
  • wider variety available
  • cheaper because it is easier and quicker for the customer to compare prices
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4
Q

what are the benefits of a physical market?

A
  • better customer service
  • see the product face to face
  • get product instantly (no waiting for delivery)
  • it’s an experience
  • personalised to you
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5
Q

what is an online market?

A

a physical product is bought and delivered

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6
Q

what is a digital market?

A

a non-tangible product that is downloaded instantly

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