Concepts Of Niche Marketing And Mass Marketing:
Overview
Should a business try to sell something to everyone, or something special to a chosen few? A car maker selling millions of family hatchbacks and a workshop making a handful of hand-built sports cars are following two opposite strategies, and each can be the right one. The choice between mass and niche marketing shapes the whole business.
In this lesson you will learn exactly what niche and mass marketing mean, weigh the benefits and limitations of each, and practise judging which approach suits a particular business. You will leave able to recommend and defend a marketing strategy for any firm.
Objectives
- Benefits and limitations of both approaches to marketing
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Lesson Evaluation
Congratulations on completing the lesson on Concepts Of Niche Marketing And Mass Marketing:. Now that youve explored the key concepts and ideas, its time to put your knowledge to the test. This section offers a variety of practice questions designed to reinforce your understanding and help you gauge your grasp of the material.
You will encounter a mix of question types, including multiple-choice questions, short answer questions, and essay questions. Each question is thoughtfully crafted to assess different aspects of your knowledge and critical thinking skills.
Use this evaluation section as an opportunity to reinforce your understanding of the topic and to identify any areas where you may need additional study. Don't be discouraged by any challenges you encounter; instead, view them as opportunities for growth and improvement.
- Niche marketing aims a product at: A. the whole market B. a small specialised segment C. only overseas customers D. only wholesalers Answer: B
- A major benefit of mass marketing is: A. little competition B. high prices C. economies of scale from large output D. a very small market Answer: C
- Which is a typical feature of niche marketing? A. thin profit margins B. a higher price and fatter margin C. very high sales volume D. strong direct competition Answer: B
- A risk of relying only on a niche market is that: A. competition is too strong B. unit costs are too low C. the small market can shrink, hitting all sales D. prices must be very low Answer: C
- Which business is most likely to use mass marketing? A. a maker of hand-built luxury yachts B. a global producer of a standard soft drink C. a tailor of bespoke suits D. a specialist vintage watch repairer Answer: B
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