Role of Marketing (HSC SSCE Business Studies): Flashcards
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Practise the cards
10 cards from this deck
4 criteria that define a market
4 criteria that define a market
Need/want, purchasing power, willingness to spend, legal auth
Six main types of markets
Six main types of markets
Resource, industrial, intermediate, consumer, mass, niche
Resource market definition
Resource market definition
Individuals/groups in primary production (mining, agriculture, etc.)
Industrial market (B2B) definition
Industrial market (B2B) definition
Businesses buying products to produce other goods or operations
Industrial buyers prioritise 3 factors
Industrial buyers prioritise 3 factors
Reliability, quality, and price
Intermediate market definition
Intermediate market definition
Wholesalers & retailers who resell finished products for profit
Consumer market definition
Consumer market definition
Individuals buying products for personal use, not manufacturing
Mass market definition
Mass market definition
Selling standardised product to all buyers via mass production
Modern mass market product examples
Modern mass market product examples
Basic food staples, electricity, water
Niche market definition
Niche market definition
Targeting narrowly selected segments with specific needs/lifestyle