Edexcel- niche market 4.3 Flashcards
Cultural diversity
Recognises ideas, customs and social behaviour of particular people or society in different global markets.
When does cultural diversity need to be used?
When operating in overseas market.
Cultural diversity example
In India beef and pork are not consumed for religious ideas.
Global niche market
Small segments of global market that are characterised by unique and specific needs and preferences.
What are groups of customers within global niche markets called?
Subcultures
Global niche market example
Halal food
Excellent customer service
Higher prices are being paid so expect higher quality services.
Innovation
Ensures products are highly differentiated and maintain USP that meets needs of target market.
Prioritising profit over market share
Increasing profits they can reinvest into products and services.
Expertise in product area
Having employees that are highly skilled can help build value for customers.
Emphasis on quality
Businesses need to ensure products have high quality as targeting wealthier customers.
Clear understanding of the wants and needs of customers
Few customers so need to make sure their needs and wants are understood.
What do niche markets have to adapt to?
Marketing mix
Product
Modify features of products to meet specific needs of target market.
Product example
vegan watches
Price
Offering a price strategy that is attractive to a target audience.
Price example
Sustainable fashion can charge premium prices
Promotion
Involves using marketing communication strategies that resonate with target audience.
Promotion example
Influencer marketing to promote a watch to wealthier customer.
Place
Choosing a distribution strategy that is convenient to target audience.
Place example
Gluten free food accessible through stores and online websites.
Niche market example
We chat
