Market and Market Forces Flashcards
what is a market?
a market exists when buyers and sellers communicate to exchange goods and services
the term ‘market’ describes the trade that takes place in an industry
what are consumer goods?
are finished goods which are sold to the general public
what are the two catagories of consumer goods
durable goods
non-durable goods
what is durable goods?
can be used repeatedly over a long period of time
e.g. cookers, TV
what is non-durable goods?
are used very soon after they are purchased
known as consumables
e.g. food, newspapers
consumer market also includes trade in ___?
intangibles- which are products which cannot be seen or touched
characteristics associated with consumer goods/services market
many buyers within markeplace
limited number of sellers
sellers have knowledge of the market
highly competitve market
what is undifferentaited marketing?
that the good/service is aimed at most sections the market or possibly the whole market
must haves of undiffertiated marketing
best suits products which cannot be differentaited or adapted to suit group of individuals
it it unlikely to be successful for most firms however markets do conssit of different types of buyers with different wants and needs
what is differentiated marketing?
involve marketing different products/services to different groups of people
e.g. luxury car, economy cars
what is concentrated marketing?
occurs when a firm concentrates its marketing upon a specific section of a market.
often used by small firms as well as thosed inspecialist markets as its not as expensive as other methods
what is a niche market?
describes a narrow/focused subset of a larger market sector
e.g. organic food
features of niche market
talors a product to a particular type of customer
targets a small secor of a large market
it finds and exploits new under services market sectors which will be produced to meet needs of specfic group
aims at a relatively small target market with a specialised product
features of a mass market
customers form the majority in the market
customers wants and needs are more general and less specific
associated with higher production output and capacity
success is usually assocaited with low-cost operation, hewavy promotion, wide spread distribution
what is a mass market?
deviuse a product with mass appeal and promte to all types of customers
create products with universal appeal , by a large number of comsumers
goal is market domination
