4.3.2. Niche Markets

Question 1

Cultural diversity

Answer 1

Recognition that groups of people across the globe have different interests, values, customs, behaviours etc.

Question 2

Features of global niche markets

Answer 2

-Profit often prioritised over market share to reinvest in improving their products.
-Often emphasise quality as customers are willing to pay premium prices.
-Expertise in the product and keeping up to date with latest developments to meet needs and wants
-Adapt products to meet local preferences