black market

Examples of black market in the following topics:

• Price Ceiling Impact on Market Outcome

  • A price ceiling will only impact the market if the ceiling is set below the free-market equilibrium price.
  • Prolonged shortages caused by price ceilings can create black markets for that good.
  • A black market is an underground network of producers that will sell consumers as much of a controlled good as they want, but at a price higher than the price ceiling.
  • Black markets are generally illegal.
  • If a price ceiling is set below the free-market equilibrium price (as shown where the supply and demand curves intersect), the result will be a shortage of the good in the market.

• Consumer Misbehavior

  • Consumer misbehavior is specifically related to retail and other markets, and includes things from cutting in line to fights between customers to credit card fraud.
  • A black market or underground economy is a market in goods or services which operates outside the formal one supported by the established state power.
  • In many parts of the world, black markets operate side by side with legal markets, sometimes openly.
  • Similar is a gray market economy where a company makes their products available even they are not authorized to do so.
  • Retailers often employ more security and staff during times where the propensity for consumer misbehavior increases, such as during "Black Friday" sales.

• Black-Scholes Formula

  • The Black-Scholes formula is a way of pricing a European option.
  • lt is widely used, although often with adjustments and corrections, by options market participants .
  • The Black-Scholes formula, despite not being 100% accurate, is used because it is:
  • The Black-Scholes formula applies only to equity derivatives, however.
  • Explain how the factors used in the Black-Scholes formula make it useful to understanding the equities market

• Introduction to Firms with "Market Power"

  • The existence of market power is tied to the demand conditions the firm faces.
  • In pure competition, the firms may all try to influence market demand (eat Colorado Beef, Eat Black Angus Beef, Drink Florida orange juice, etc) but individual producers do not advertise their own product (Eat Rancher Jones's Beef).
  • Many agricultural markets are close to pure competition.
  • Monopoly is the market structure that is usually associated with the greatest market power.
  • Firms in monopolistic competition or imperfectly competitive markets are more likely to have limited market power because there are many firms with differentiated products (there are substitutes) and there is relative ease of entry and exit into the market.

• Defining Consumers

  • Any product, good, or service that is developed must have a target market in mind, in order to be effectively marketed and sold.
  • In marketing, there are six types of target markets:
  • International and Global Markets (several markets distinguished by different needs and different cultures)
  • Some may find the term or label "consumer" somewhat offensive because it can be construed as being more descriptive of plain consumption (black and white purchase), rather than recognizing the person behind the purchase, who typically has feelings, needs and overall importance.
  • Now, there is a trend in marketing to individualize the concept of "A Consumer. " Rather than generating broad demographic profiles and psycho-graphic profiles of market segments (which has been the norm), marketers are now starting to engage in personalized marketing, permission marketing, and mass customization.

• Lifestyle

  • In consumer marketing, lifestyle is considered a psychological variable known to influence the buyer decision process for consumers.
  • However, in consumer marketing, lifestyle is considered a psychological variable known to influence the buyer decision process of consumers.
  • The Black Box Model is related to the Black Box Theory of Behaviorism, where the focus is set not on the processes inside a consumer, but the relation between the stimuli and the response of the consumer.
  • In this theory, the marketing stimuli (product, price, place and promotion) are planned and processed by companies, whereas the environmental stimuli are based on the economical, political, and cultural circumstances of a society.
  • The Black Box Model considers the buyer's response as a result of a conscious, rational decision process, in which it is assumed that the buyer has recognized the problem.

• Understanding Apps in a Marketing Context

  • They are available through application distribution platforms, which are typically operated by the owner of the mobile operating system, such as the Apple App Store, Google Play, Windows Phone Store and BlackBerry App World.
  • Usually, they are downloaded from the platform to a target device, such as an iPhone, BlackBerry, Android phone, or Windows Phone.
  • Viral marketing is possible through the creation of apps.
  • It's a powerful marketing tool that requires very little effort.
  • Viral marketing is also possible through marketing on third party apps.

• Neglected Americans and the New Deal

  • Many of them belonged to would be known as the Black Cabinet - a group of black experts and professionals who, analogically to Roosevelt's white advisers who formed his Brain Trust, gathered to advise the president on matters relevant to black communities. 
  • Around 10% of the youth program beneficiaries were black.
  • Despite Roosevelt's refusal to support the black civil rights struggle and the mixed results that the New Deal programs produced for black Americans, many black voters changed their political loyalty and shifted towards Democrats.
  • Moreover, common social norms pushed many women out of the labor market, usually after they got married or started having children.
  • The latter were mostly women, both black and white.  

• Global Considerations in Branding and Packaging

  • At the global marketing level, a company needs to launch appropriate marketing plans so results can be achieved across multiple countries.
  • Ultimately, at global marketing level, a company trying to speak with one voice is faced with many challenges when creating a worldwide marketing plan.
  • Unless a company holds the same position against its competition in all markets (market leader, low cost, etc. ), it is impossible to launch identical marketing plans worldwide.
  • In Japan, black and white are colors of mourning and should not be used on a product's package.
  • It is important for marketers to learn about these so that they will know what is acceptable and what is not for their marketing programs.

• The Black Death

  • The Black Death was an infamous pandemic of bubonic plague and one of the most devastating pandemics in human history.
  • The peak of the activity was during the Black Death.
  • The Black Death had a profound impact on art and literature.
  • Since the plague left vast areas of farmland untended, they were made available for pasture and put more meat on the market; the consumption of meat and dairy products went up, as did the export of beef and butter from the Low Countries, Scandinavia and northern Germany.
  • Evaluate the impact of the Black Death on European society in the Middle Ages