Concept of Market
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4 Terms
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Define Market
a market is any play where sellers can meet with the buyers of goods and services to perform a transaction
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Describe (Features) a Market?
buyers and sellers - the participants
commodity - product (good or service)
medium of exchange - must be a legal tender
location - where buyers and sellers interact
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Describe (Examples) a Market
local, national, global
product market - B2C
resource market - B2B
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Explain a Market - Why and How is it Important?
to understand its features and characteristics to make better business decisions which is done by matching elements of the marketing mix to the characteristics of the market
Note 
Flashcards (21)