The Market

Description

A2 Business Studies (Marketing) Mind Map on The Market, created by Christopher Cornall on 08/03/2017.
Christopher Cornall
Mind Map by Christopher Cornall, updated more than 1 year ago
Christopher Cornall
Created by Christopher Cornall over 7 years ago
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Resource summary

The Market
  1. What is a market?
    1. Where buyers and sellers interact (directly or through intermediaries) to trade goods, services, contracts or instruments in exchange for money or barter
      1. An actual or nominal place where forces of demand and supply operate
    2. Markets include mechanisms or means for:
      1. Determining price of the traded item
        1. Communicating the price information
          1. facilitating deals and transactions, and effecting distribution
          2. The market for a particular item is made up of existing and potential customers who need it and have the ability and willingness to pay for it.
            1. With the market, depending on what type of market it is you can charge a premium price
              1. You can get Niche and Mass markets, although niche markets are what allow you to charge your own premium prices for products as there is less market share
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