Niche/Mass 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 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.

Specialist skills and knowledge is a feature of what market

• A mass market

• A niche market

• Both

• A specialist market

Markets can be divided into:

• big and small

• mass and niche

• mass and exclusive

• niche and large

When a product is sold to a large number of customers

• niche market

• small market

• mass market

• large market

When a business sells specific products to a small number of customers

• mass market

• small market

• niche market

• big market

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.

When a product is sold to a large number of customers

• niche market

• small market

• mass market

• large market