Marketing And Strategies Flashcards
What is Marketing
the action or business of promoting and selling products or services, including market research and advertising.
Why is it important (Marketing)
To ensure maximum profit from their product and they can easily know what to advertise and what is effective
What are the definition for the types of strategy (niche , mass)
NICHE - A specific segment of the market aimed at a business that is tailored to meet customer needs
MASS- Where businesses target their product at the entire market and appeal to all customers
Give examples of niche and mass marketing by customers
NICHE - Pet airlines , High end cars, posh items.
MASS - Pizza, Supermarkets, Cola
What are the advantages and disadvantages of each one? (Mass, Niche)
Mass (Advantage): It targets everyone so everyone can be effected by the product and be influenced to buy it
Mass (Disadvantage) : If someone doesn’t like the business can’t easily change it and make it different
Niche(Advantage): The business can easily make a lot of money if it targeted accurately and fills a gap in the market
Niche(Disadvantage): Can easily fail if a small amount of people buy it and can easily not work
