Niche and mass marketing - GFS

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 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 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 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.

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

• A disadvantage of a niche market

• An advantage of a small market

• A disadvantage of a mass market

• None of the above

Miss Gurpreet Dhaliwal is from...

• India

• England

• Canada

• Australia