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Types of Market. BTEC Business. What are Markets?. A market is where buyers and sellers: meet to exchange goods and services usually in exchange for money The market may be in one specific place or not exist physically at all. An Invisible Market?. Markets can exist:

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types of market

Types of Market

BTEC Business

what are markets
What are Markets?

A market is where buyers and sellers:

  • meet to exchange goods and services
  • usually in exchange for money

The market may be in one specific place

or

not exist physically at all

an invisible market
An Invisible Market?

Markets can exist:

  • over telephone lines
  • online
  • in emails

As long as what happens involves buyers and sellers in a business transaction

consumer markets
Consumer Markets

You should be familiar with these:

  • consumers interact with sellers to buy goods and services
  • sellers can be retailers using high street shops or out-of-town stores
  • sellers can use other sales media
new ideas for selling to consumers
New Ideas for Selling to Consumers

Alternatives to conventional retailing:

  • Mail order (including catalogue shopping)
  • Online, Web-based selling (‘e-tailing’)
  • Direct producer-to-consumer selling
industrial markets
Industrial Markets

The business world’s equivalent of consumer markets:

  • business organisations sell to other businesses
  • not to a final consumer
  • these other businesses use what they’ve bought to make new products
commodity markets
Commodity Markets

Buying and selling products from the primary sector of industry:

Use the Biz/ed Glossary to check what ‘primary sector’ means at:

http://www.bized.ac.uk/glossary/glossary.htm

what s traded on commodity markets
What’s Traded on Commodity Markets?

Goods traded on commodity markets include:

  • coffee
  • cocoa
  • oil
  • precious metals
  • diamonds
rich and poor
Rich and Poor?

Commodity markets often have their centres in developed countries (UK, USA, Netherlands)

The commodities themselves often originate in the developing world (Latin America, sub-Saharan Africa)

impact on rich and poor
Impact on Rich and Poor?

Commodity market prices can fluctuate wildly:

  • rising prices for oil causes inflation in developed countries which need oil for energy
  • falling prices for coffee, cocoa, copper and so on cause poverty for many in developing world
capital markets
Capital Markets

Businesses need capital in order to operate:

  • small firms may borrow or sell shares to family and friends
  • larger companies use the stock market to sell shares
  • this is known as ‘equity’ capital
other capital sources
Other Capital Sources
  • Borrowing on the ‘bond’ markets. Used by Leeds Utd FC to finance their ambitions
  • More on this in Biz/ed’s ‘Wanna Argument’ at: http://www.bized.ac.uk/current/argument/arg10-2.htm
  • ‘Derivatives’ markets