12. Markets and market forces Flashcards
Market
Buyers and sellers exchange goods and services
Consumer goods and service market
Selling goods to the general public (B2C)
Capital goods market
Tangible goods sold from one business to another (B2B)
Mass market
Large market, for customers from diverse backgrounds (undifferentiated)
Labour market
People sell their abilities and businesses buy those abilities
Niche market
Smaller section of the larger market (unique to certain group of customers)
Size
Calculated by adding together all sales within a marketplace
Location
The geographical territory in which the business trades
Market share
Represents the proportion of sales a business has achieved shown as a % of the total sales
Differentiation of products
Sufficiently different products from others to make it more appealing to specific target market customers
