Business School 101: Niche Markets Quiz

What is the origin of the term 'niche' in the context of niche markets?

• It is derived from a Latin word meaning 'small group'.

• It comes from a French word referring to a recess in a wall.

• It originates from a Greek word for 'unique'.

• It is a modern term created by marketers.

Which of the following is NOT a feature of a niche market?

• High competition

• Targeted marketing

• Strong customer loyalty

• Specific needs

Which company targets digital nomads with its products?

• Nomatic

• Apple

• Glorious Gaming

• Divies

What is the primary focus of Glorious Gaming's niche market strategy?

• Mobile gaming accessories

• Gaming software development

• Customizable gaming hardware for PC gamers

• Affordable gaming hardware

What is the first step in identifying a niche market?

• Evaluate profit potential

• Analyze market competition

• Research market trends

• Define target audience

Which tool is suggested for assessing the market's potential and competitive position?

• BCG Matrix

• Porter's Five Forces

• PESTEL analysis

• SWOT analysis

Why is understanding niche markets important for developing entrepreneurial skills?

• It helps in learning mass marketing techniques.

• It focuses on identifying opportunities and innovation.

• It emphasizes on traditional business models.

• It teaches financial management.

How do niche markets contribute to risk management and sustainability?

• By increasing market size

• By reducing profit margins

• By focusing on a broad audience

• By offering insights into sustainable business models

What is a key benefit of focusing on a niche market?

• Broader market appeal

• Increased competition

• Higher advertising costs

• Reduced competition

What is the main advantage of offering tailored products and services in a niche market?

• Increased production costs

• Wider market reach

• Higher regulatory compliance

• Customer loyalty