√ Definition of Modern Market, Characteristics, Strengths, Weaknesses and Examples
Definition of Modern Market, Characteristics, Strengths, Weaknesses and Examples – In this discussion we will explain about the Modern Market. Which includes definitions, characteristics, advantages, disadvantages and examples with complete and easy-to-understand discussion.
Definition of Modern Market, Characteristics, Strengths, Weaknesses and Examples
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Definition of Modern Market
The modern market is a market or place where transactions occur between sellers and buyers with fixed price agreements so that no bargaining activities occur. In the modern market, goods that are traded are of good quality and market conditions are clean and comfortable.
The definition of a modern market according to experts is a market where buyers and sellers do not transact directly. Buyers only see the price tag on a product packaging and the buyer is served independently by the sales assistant. (Hutabarat). For example in a supermarket, mini market, hypermarket and so on.
Often modern markets are in urban areas. In the modern market there are no direct transactions between the seller and the buyer (consumer), but the consumer chooses the item to be purchased and the price on the item listed on the label. When it is then the payment is made. Examples of modern markets include malls, supermarkets, minmarkets and others.
Modern Market Characteristics
The characteristics of a modern market can be seen as follows:
- There is no direct transaction (face to face) between the seller and the buyer
- The price of goods cannot be negotiated or the price is fixed
- The place in the modern market is clean and comfortable
- Good and satisfying service
- A neat and highly structured layout makes it very easy for consumers to find the items they are looking for
- Have employees whose job is to help consumers in their activities in the market
- The government does not interfere directly in economic activity
- Payment is made at the cashier
Advantages of Modern Market
Goods Offered Have Good Quality And Quality
Goods sold in the modern market must have certain standards and must be met, so that the quality of the goods is guaranteed.
If the goods are not selling or the quality is decreasing, such as vegetables, the seller will try to make a better business attract visitors to the item, for example by holding a very large discount big.
The place used is clean, comfortable and quiet
Cleanliness and comfort are factors that are closely related to satisfaction when shopping, therefore modern market conditions must be clean, comfortable and calm.
Increasing Gross Domestic Product
Gross domestic product is the total value of the total production of goods and services in a region within a certain period of time. The increase in gross domestic product is also an indication of an increase in state income. For this reason, the modern market will have a positive impact on the country's economy.
Adding Employment
The modern market requires employees to carry out its functions, the modern market requires people who has skills in marketing, customer service, security guards, cleaning staff and etc. Therefore the modern market also has a role in overcoming unemployment with job vacancies.
Lack of Modern Market
Apart from the advantages, of course there are disadvantages of the modern market, namely:
Consumers From Economic Markets Are Pulled Into Modern Markets
Because it has many advantages that are not available in traditional markets, consumers are starting to move and prefer to shop in modern markets. Of course this will have an impact on traditional markets whose demand is decreasing day by day
Making it Happen Economic Gaps
Many consumers are starting to move to modern markets, causing the income of traders or sellers in traditional markets to decrease slightly. Some traders in traditional markets are the lower middle class, while the owners of malls, supermarkets and others are the upper middle class. This will create a gap, namely the rich get richer and the poor get poorer.
Foreign Investment in Modern Markets Can Reduce the State's Foreign Exchange
Long-term investment by foreigners in the modern market will reduce the country's foreign exchange earnings, due to imports (goods from foreigners are afraid to enter the country) on a large scale, and also because some of the profits, interest and other funds will be sent to the country origin.
Tend to Exploit Suppliers (Supplier)
Often in an area there are not many modern markets, only a few in each area. But there are many suppliers or people who will enter goods into the modern market. For this reason, these suppliers are often exploited by the modern market, because of the intense competition they must give priority to the wishes of modern market sellers so that their goods can be supplied in the market the.
Examples of Modern Markets in Indonesia
In Indonesia there are several modern markets which include:
- Matahari Department Store
- Ramayana Lestari Sentosa
- Indomaret
- Alfamaret
- Alfamidi
- Circle-K
- Carrefour
- Heroes
- Hypermart
- And so forth
Thus has been explained about Definition of Modern Market, Characteristics, Strengths, Weaknesses and Examples, hopefully can add to your insight and knowledge. Thank you for visiting and don't forget to read other articles.
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