8009485
Description
Mind Map by Christopher Cornall, updated more than 1 year ago
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Created by Christopher Cornall
over 7 years ago
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The Market
- What is a market?
- Where buyers and sellers
interact (directly or through
intermediaries) to trade goods,
services, contracts or
instruments in exchange for
money or barter
- An actual or nominal
place where forces of
demand and supply
operate
- An actual or nominal
place where forces of
demand and supply
operate
- Where buyers and sellers
interact (directly or through
intermediaries) to trade goods,
services, contracts or
instruments in exchange for
money or barter
- Markets include
mechanisms or means
for:
- Determining price of the
traded item
- Communicating the price information
- facilitating deals and
transactions, and
effecting distribution
- Determining price of the
traded item
- 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.
- With the market,
depending on what type
of market it is you can
charge a premium price
- 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
- 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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