Market Environment Flashcards
What factors influence a consumers logic in their decisions?
Social, cultural, psychological , personal
What are the 5 components of the Market Environment?
Consumers/customers Suppliers intermediaries Civil society Competitors
Suppliers: a business needs input in the form of?
Raw materials, financing and workers
What do intermediaries do?
All business and organizations that play a role in distributing a business’s goods and services to the consumers/ customers.
Eg retailers, wholesalers, banks
What are the 3 categories of competitors?
Direct competitors- run business in exactly the same way, 20 km radius from each other
Indirect competitors- different type of business that sell similar products
Category 3- completely different business that sells some similar items
What Is civil society?
Groups that have and actual or potential impact on an organisations ability to achieve its objectives
Categories: financial, media,citizen action,local community, general public
Without customers a business would not exist. Give the order of Maslow’s hierarchy of needs?
- Biological and psychological needs
- Safety needs
- Belonging and love needs
- esteem needs
- Self actualisation
