821158
Description
Mind Map by Alessandra Genco, updated more than 1 year ago
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Created by Alessandra Genco
about 11 years ago
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UNIT 1: UNDERSTANDING MARKETS
- MARKET is palace where buyers and
sellers get together to exchange
products and services. Markets consist
of customers, competitors and
distributors
- FREE MARKET is where the government
makes no attempt to intervene through
taxes, subsides or legislation
- LOCAL MARKETS are where the two
parties to a transaction are based within
the same area in the same country
- For example, hairdressers,
plumbers
- For example, hairdressers,
plumbers
- NATIONAL MARKETS are where the two
parties to a transaction are based in
different areas within the same county
- INTERNATIONAL MARKETS are
where the two parties to a
transaction are based in different
countries
- BUSINESS TO BUSINESS
markets are markets that
involve businesses selling to
other businesses.
- BUSINESS TO
CONSUMER
markets are markets
that involve
businesses selling to
the general public.
- FREE MARKET is where the government
makes no attempt to intervene through
taxes, subsides or legislation
- DEMAND is the quantity that
customers are willing and able to
purchase at a particular price over a
given period of time
- Factors like price of product
and service, customers income,
the cost of borrowing and
seasonal factors would affect
demand
- Factors like price of product
and service, customers income,
the cost of borrowing and
seasonal factors would affect
demand
- MARKET SEGMENTATION involves
dividing the market up into customer
groups with similar needs and common
characteristics, focuses on a particular
segment in the market
- GEOGRAPHIC
involves
dividing the
population on
the basis of
where people
live
- DEMOGRAPHIC involves dividing
the population according to a range
of personal characteristics, for
example, age, gender.
- PSYCHOGRAPHIC involves
classifying people according to
psychological differences, for
example, attitudes, beliefs etc
- BEHAVIOURAL
involves
classifying people
based on their
actions, for
example, end use
of the product
- GEOGRAPHIC
involves
dividing the
population on
the basis of
where people
live
- MARKET SIZE is the
total sales of all
producers within a
market,
- Calculated by assessing
whether the market is growing
or declining, found through the
internet and other sources
- Calculated by assessing
whether the market is growing
or declining, found through the
internet and other sources
- MARKET GROWTH is
the percentage increase
in the sales value of the
total market
- increase or decrease
sales volume of total
market / original sales
value of total market X
100
- increase or decrease
sales volume of total
market / original sales
value of total market X
100
- MARKET SHARE is the
sales , in terms of value,
achieved by one
particular business
- product sales volume /
total sales volume X 100
- product sales volume /
total sales volume X 100
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