What is niche and mass marketing?

What are the benefits or limitations of niche and mass marketing?

1. What is the difference between niche and mass marketing?

Niche Market

A small market within a larger market consisting of consumers who have a specialized taste of preference

Mass Market

A market producing goods or providing services that are widely consumed or needed by most people.

2. What are the benefits or limitations of niche and mass marketing?

If you produce a product that is in a mass market, you may earn higher revenues or sales as many people may purchase your product or services. However, you may also encounter competition, as there may be many other firms producing the same product, due to the large market size. If you produce a niche product, you could charge a higher price for the product as it is not widely available, but may not achieve high quantity of sales or revenue.

Question: How will you promote a mass or niche market product?

NOTE-TAKING

1. Can you create a table to identify the benefits or limitations producing a niche or mass market product?

RELEVANT CONCEPTS

1. Market Share

2. Competition

3. Promotion

4. Product

PAST YEAR QUESTIONS

1. What is meant by "niche market"? (2 marks) Feb/Mar 2019/12 & Oct/Nov 2018/11

2. What is meant by "mass market"? (2 marks) May/June 2019/12 & Feb/Mar 2018/12

3. Identify and explain two advantages of selling to the mass market (6 marks) Feb/Mar 2019/12

4. Identify two advantages to a business selling to the mass market (2 marks) May/June 2019/13

Reference

https://dictionary.cambridge.org/dictionary/english/mass-market

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