marketing

Question 1

mass marketing

Answer 1

selling the same product to the whole market with no attempts to to target groups within it

Question 2

advantagess of mass marketing

Answer 2

1. high sales and demand which may lead in high profit

2. economies of scale

Question 3

disadvantages of mass marketing

Answer 3

1. higher competition

2. specific consumer demands are not met

Question 4

niche marketing

Answer 4

tailoring products or services for a particular type of consumer

Question 5

advantages of niche marketing

Answer 5

1. competition is low

2. goods and services are able to meet specific consume rneeds

Question 6

disadvantages of niche marketing

Answer 6

1. small consumer base so growth may be slow

2. risks are not spread between a wide range of products so if the demand falls, the business may fail

Question 7

mass marketing

Answer 7

the process of identifying different subgroups in a market with similar characteristics

Question 8

advantages of mass marketing

Answer 8

1. makes marketing more cost-effective as it only targets a specific segment and satisfies their needs, leading to higher sales and profits
2. businesses are able to focus on the demand of a particular type of consumer