Mass Vs Niche Markets

What is a niche market?

• A market in which businesses sell to a large customer group with similar needs.

• A market in which businesses sell to a variety of customers.

• A market in which businesses sell to a small customer group with specific needs.

• A market in which businesses sell one product to many consumers.

What is a mass market?

• When a business sells different products to all consumers and markets them in the same way.

• When a business sells the same products to all consumers and markets them in a different way.

• When a business sells different products to all consumers and markets them in a different way.

• When a business sells the same products to all consumers and markets them in the same way.

Which of the following is not included in marketing?

• Identifying wants/needs of consumers

• Understanding competitors’ threats

• Telling customers about products & persuading to buy

• Developing forecasts to determine sales for the month

Which of the following is not a characteristic of a mass market?

• Smaller quantity of products produced

• Large customer base

• High sales and profits.

• Customer needs and wants are less specific.

Which one of the following is a disadvantage of a mass market?

• Higher revenues can be spent on R+D

• Homogenous products need to be differentiated through marketing which can be expensive.

• Mass marketing is straightforward as everyone is equally targeted.

• Large scale productions means economies of scale and lower average unit costs.

Market size can be measured in three ways.

• currency, quantity, and time

• currency, time, and volume

• volume, number of people, currency

• currency, quantity, or volume

What is the problem with trying to determine market share?

• There are too many products in the market

• Can be difficult to determine what “counts”

• The market is too small to try and calculate

• The market has too many competitors

Which one of the following is not a type of market?

• Commodity market

• Real estate market

• Financial market

• Pencil market

Specialist skills and knowledge is a feature of what market

• A mass market

• A niche market

• Both

• A specialist market

Classify the following: Small scale production can be flexible and follow trends

• A disadvantage of a niche market

• A disadvantage of a mass market

• An advantage of a small market

• None of the above