MGTA01H3 Chapter Notes -Market Structure, Target Market, Market Price
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MGTA01H3 Full Course Notes
Verified Note
14 documents
Document Summary
***chapter 5: when buyers & seller interact - how markets work (p. 94-113) The interaction of buyers and sellers; exchanging information about products. Individuals: have right to start a business try to sell goods/services (if they can) chance to make a profit (incentive) Consumers: have choice to buy or not have chance to shop around if they can. Prices are negotiated in an open, transparent environment. Entrepreneurs are permitted - indeed encourage - to start a business. Consumers are able to have some choice between alternate suppliers. Sellers are entitled a seek a profit. When buyers and sellers agree, both parties get what they want. Group of people share a number of similarities (age, gender, income, location), and who have similar needs and wants and are identified by the seller as being most likely to buy a business" products. What product or services this potential customers want. Market structures - not all markets are the same.
