The Nature of Commerce
Someone who purchases goods and services
to satisfy their needs and wants.
A consumer
How much is it? This is usually one of the first things you want to know. Consumers want the best value for their money: that is, they want to pay the lowest price for the best
quality.
Price
The price at which wholesalers purchase products.
The manufacture price
The internet has revolutionised the way people shop as it provides consumers with a whole new shopping experience
People travelling to and from school or work often shop here because of the convenient location.
locally
Things that everyone must purchase because they are essential for our survival.
Needs
Good pre-sales and after-sales service makes you feel you are a valued customer.
Consequently, you will keep buying products from that store. Poor service can have the opposite effect
Customer Service
The price at which retailers purchase products.
The wholesale price
Located in residential areas
Convenience/corner stores
The stores are located under the one roof, air-conditioned for consumer comfort and, most importantly, provide plenty of parking.
Regionally
Things that are produced and can be physically touched for example, a television or a car.
Goods
Many consumers do not have a lot of time to shop. They want shopping to be hassle-free. These factors will influence when, where and what consumers buy.
Convenience
Any price below the recommended retail price.
The discount price
A system of shopping in which the consumer completes and posts an order form, usually from a magazine or catalogue, and receives products through the mail.
Mail order
Consumers are no longer restricted to their local, regional or state shopping centres. They have a wide access
Globally
Something that you cannot touch and is shown as a service
Intangible
This plays an extremely important role in influencing our consumer decisions. The average consumer is exposed to an estimated 500 advertisements every day.
Marketing
The normal selling price at which stores sell the product.
The recommended retail price
Specialise in one type of product or service. They have a limited range
Specialised Stores
mainly due to the ease of online shopping, consumers can purchase goods from another state or country.
Interstate
The four types of resources are:
● These resources occur naturally, such as forests, coal and fertile soil.
● this includes both the physical and mental effort of people who are working.
● these resources are goods used to make other goods. For example, a tractor is a capital good because it is used to produce crops.
● this is the ability to combine the other resources of land, labour and capital
1. Land
2. Labour
3. Capital
4. Enterprise
the set of basic values, perceptions, wants and behaviours of a particular community or group of individuals.
Cultural Factors
the person selling directly to the public
the retailer
Often provide reasonable prices and offer basic customer service
Discount stores
Some large stores or retail groups issue their own cards that operate like regular credit cards.
Store credit