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Business to business (B2B) sales take place when both parties act as businesses and sell the good for non-consumer sale. [2] Consumer to consumer (C2C) arise when neither party acts as a business entity. [2] This classification may impact on the application of relevant legislation, for example in the United Kingdom, chapter 2 of the Consumer ...
The Commission was established by the Federal Competition and Consumer Protection Act (FCCPA) 2018. among others, develop and promote fair, efficient and competitive markets in the Nigerian economy, facilitate access by all citizens to safe products, and secure the protection of rights for all consumers in Nigeria.
There are legal definitions. For example, the United States' Consumer Product Safety Act has an extensive definition of consumer product, which begins: CONSUMER PRODUCT.--The term ‘‘consumer product’’ means any article, or component part thereof, produced or distributed (i) for sale to a consumer for use in or around a permanent or temporary household or residence, a school, in ...
The marketer E. Jerome McCarthy proposed a four Ps classification (product, price, promotion, place) in 1960, which has since been used by marketers throughout the world. [39] Koichi Shimizu proposed a 7Cs Compass Model ( corporation , commodity , cost , communication , channel , consumer , circumstances ) to provide a more complete picture of ...
All other types of competition come under imperfect competition. Monopolistic competition, a type of imperfect competition where there are many sellers, selling products that are closely related but differentiated from one another (e.g. quality of products may differentiate) and hence they are not perfect substitutes. This market structure ...
Economists and marketers use the Search, Experience, Credence (SEC) classification of goods and services, which is based on the ease or difficulty with which consumers can evaluate or obtain information. These days most economics and marketers treat the three classes of goods as a continuum. Archetypal goods are: [1] [2] [3] [4]
A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a microwave oven or a bicycle that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are intermediate goods.
Nigeria ranks sixth worldwide and first in Africa in farm output. [64] The sector accounts for about 18% of GDP and almost one-third of employment. Though Nigeria is no longer a major exporter, due to local consumer boom, it is still a major producer of many agricultural products. [65] Further agricultural products include palm oil and rubber.