Chapter 2.2 Flashcards
Define the Market environment
-It is the link between the business and the macro environment
-It is the combination of all the factors which exist externally in the business industry and which can influence the growth and existence of the business
Partial control
List the variables of the Market environment
-Consumers
-Suppliers
-Competition
Define the Market
A theoretical sense to the market that concerns the consumer and their needs rather than a physical market place
List the types of markets
-The consumer market
-Industrial market
-Resale market
-International market
-Government market
Discuss the consumer market
End-consumer, buy and consume products
Discuss the industrial market
Goods and services are purchased and used for the manufacturing of products/ service to the end-consumer.
Discuss the resale market
Businesses or individuals purchase already manufactured goods for the purpose of reselling to make a profit
Discuss the international market
Foreign consumers, manufacturers, retailers and authorities
Discuss the government market
The goods and services are purchased by various authorities with a view to providing certain services and carrying out certain activities
Define consumers
People with the financial means to acquire products/services
Define the supplier
Provide businesses with raw materials/ manufactured goods and services
Define Competition
Sell the same/ similar products/services to the same consumers as business
List the types of competition
-Need competition
-Ways to satisfy a need
-Product form competition
-Trademark competition
Discuss need competition
Different kinds of needs for which the consumer is willing to pay
Discuss ways to satisfy a need competition
Alternative product lines that are able to satisfy the same customer needs.
