Global Niche Markets Flashcards
1
Q
Niche markets can become global if…
A
Able to meet needs of subcultures + specialised markets
2
Q
Features of global niche markets
A
-clear understanding of needs + wants of customers
-emphasis on quality
-excellent customer service
-expertise in profit area
-prioritising profit rather than ms
3
Q
Benefits
A
Increased brand recognition
Loyal consumers
Charge premium prices
4
Q
Disadvantages
A
-competition
-less economies of scale
5
Q
Marketing mix
A
Product - focus on quality + excellence
Price - pricing must deliver a high profit margin
Promotion - branding to target consumers
Place - narrow range of channels
