Worksheetsobjectives and mass and niche markets
Total questions: 20
Worksheet time: 10mins
The S in SMART objectives means ...
Special
Specific
Social
Sample
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
This is an example of
mass market
niche market
This is an example of
niche market
mass market
Identifying and exploiting a small segment of a larger market by developing products to suit it.
Mass Marketing
Market Segmentation
Niche Marketing
Target Market
Advantages of niche marketing:
Small market do not allow lower average costs of production
Fewer risk
Create an image of cheap, low quality product
create a chance to sell at high prices
Limitation of market segmentation:
Design and produce goods that are specifically aimed the market segment
Research and development cost might be high
Differentiated marketing strategies can be focused on target market groups
Limiting the size of the market
Potential benefit to a business of adopting a mass marketing:
Higher profit margins are likely to be earned compared to a niche marketing strategy
Marketing costs per unit will be lower than with niche strategy
Sales will always be higher than with a niche strategy
Product will be adapted to set the needs of separate groups of consumers
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.
Chocolate flavoured ice-cream is.........
A product in a niche market
A product in both markets
A product in a mass market
Very tasty
Marketing objectives need to be SMART. What does this acronym stand for?
Specific, marginal, acceptable, respectable and timed
Specific, measurable, adequate, relevant and time bound
Specific, marketing, achievable, relevant and time bound
Specific, measurable, affordable, relevant and timed
Specific, measurable, achievable, realistic and time related
Which of the following are TRUE about marketing objectives?
They are targets set for the marketing department in line with corporate objectives
They should be SMART
They should be set in isolation by the marketing department
They must relate to growth
What do you think the main objective of Amazon is?
Increase revenue
Increase the range of products on offer
Profit maximisation
Increase the number of customers
In a mass market what might you have to do a lot of to keep ahead of the competition? There is more than one answer ......
Market research
Research and development
Advertising and promotion
Reducing costs
In a niche market there is less competition, true or false?
True
False
Niche markets tend to have low profit margins, true or false?
True
False
Mass production in mass markets results in lower prices for consumers, true or false?
True
False
