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
2
Q
define market
A
any situation where buyers and sellers are in contact with each other in order to establish price
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
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
5
Q
what is an online market?
A
a physical product is bought and delivered
6
Q
what is a digital market?
A
a non-tangible product that is downloaded instantly
