Understanding Mass and Niche Markets

What is a key characteristic of a mass market product?

• It is produced in limited quantities.

• It is highly customized for individual preferences.

• It is only available online.

• It is designed to appeal to a wide range of customers.

Which of the following is an advantage of operating in a mass market?

• Limited customer base

• Economies of scale

• Lower competition

• Higher profit margins per unit

What is a challenge faced by companies in a mass market?

• Limited product availability

• High competition

• High production costs

• Narrow customer base

How does Nescafe cater to both mass and niche markets?

• By offering only one type of coffee

• By focusing solely on organic products

• By having a range of products for different customer needs

• By selling exclusively in supermarkets

What is a feature of niche market products compared to mass market products?

• They are more widely available.

• They are less expensive.

• They target specific customer needs.

• They are advertised through mass media.