4.3.4 Niche markets

Question 1

What is cultural diversity?

1

Answer 1

• Differing interests/values of people from diff national backgrounds

Question 2

Features of global niche markets?

2

Answer 2

• Cater to wealthy in supplying luxuries (similar habits/tastes) - travel
• Differ by country as non luxuries = less commonality

Question 3

How may businesses aiming at luxury niche’s have to adapt their marketing mix?
3

Answer 3

• Aspirational price levels
• Products w strong brand heritage
• Distribution through world famous luxury stores (Harrods)

Question 4

How may a businesses marketing mix be affected by cultural diversity (less commonality)?
4

Answer 4

• Diff features of product
• Diff price (value of product locally, income lvls)
• Diff in traditional channels of distribution from country to country
• Diff expectations of how promo msgs received