The Market

What is a mass market?

• A market aimed at a specific group of consumers

• A market that is aimed at the general population

• A market with high brand loyalty

• A market with limited product offerings

Which of the following is an example of a niche market?

• Heinz Ketchup

• Rolex

• Coca Cola

• Nike

What is a characteristic of mass markets?

• Products are sold to all consumers in the same way

• High brand loyalty among consumers

• Limited competition

• Products are tailored to individual preferences

What is a potential disadvantage of mass marketing?

• Higher unit costs

• Less competition

• Need for differentiation through marketing

• Easier to target customers

What does market size refer to?

• The number of consumers in a niche market

• The percentage of market share

• The total sales of all producers in a market

• The number of brands in a market

Which of the following is a dynamic market?

• The car market

• The online retail market

• The local grocery market

• The luxury watch market

What is one advantage of online retailing?

• Higher overhead costs

• Limited market reach

• Shops are open round the clock

• Requires physical store presence

What is the difference between risk and uncertainty?

• Risk involves external shocks, uncertainty does not

• Risk is about market share, uncertainty is about product features

• Risk is about competition, uncertainty is about market size

• Risk is predictable, uncertainty is not

Which of the following is a pro of niche markets?

• High competition

• Ability to charge premium prices

• Homogeneous products

• Limited customer targeting

What is a common challenge for businesses in dynamic markets?

• Low competition

• Rapid changes in consumer tastes

• Predictable market trends

• Stable consumer preferences