markets and market forces

Market

Where buyers and sellers meet to exchange goods and services usually for money.

Consumer goods and services market

Provides consumer with finished goods; bought and used by end consumers; satisfies our wants and needs directly; consumer durables and FMCGs

Capital goods market

Involves the trade of capital goods; items necessary to enable other businesses to carry out operations productively; not associated with end product

Labour market

Employers and workers brought together; employers are buyers of labour in form of workers; as long as reward is worth their time

Mass market

Describes a large market of consumers from widely diverse backgrounds; undifferentiated in nature

MMA1

Unlimited potential, large cb

MMA2

EOS, due to large cab

MMD1

Low profit margins due to low prices

MMD2

Competition is high

MMD3

Do not reach a a target audience

Niche market

Targets specific sections of a whole market; low cb but customers loyal

NMA1

Can focus on cust needs

NMA2

Premium price can be charged

NMD1

Expensive market research

NMD2

Products sell in low vol; unable to avail of EOS

NMD3

Risks with over dependence on a single product