4.3.2 - Global Niche Markets Flashcards
1
Q
What is cultural diversity?
A
Recognises the ideas, customs and social behaviour of a particular person/society in different global markets
2
Q
What is a global niche market?
A
Small segments of the global market that are characterised by unique and specific needs and preferences
3
Q
What are some features of global niche markets?
A
- Excellent customer service
- Innovation
- Prioritising profit
- Expertise
- Quality
- Clear understanding of consumer wants and needs
4
Q
Advantages of selling in a global market niche
A
- Less competition
- Greater consumer loyalty
- Charge higher prices = greater profits
- Reduced risk
5
Q
Disadvantages of selling in a global market niche
A
- Global economies of scale may not be believable
- Risk of over dependence on a single product or market.
