Mass & Niche Markets

Question 1

What is a mass and a niche market?

Answer 1

A mass market product or service aims to most types of customer. A niche product or service aims to target specific type of customers and their preferences.

Question 2

Explain mass market

Answer 2

A mass market is a large group of consumers with a wide range of different characteristics. Many products and services are aimed at mass markets. Products such as milk, bread or toothpaste are targeted at very large groups of customers.

Question 3

Explain niche market

Answer 3

Niche markets are smaller segments of the market. Consumers in niche markets want something different from the mainstream and are not attracted to mass market products. They are expected to pay a higher price. Niche markets attract specialist businesses that have an expertise in providing particular products.

Example: Premium-quality burgers are targeted at niche markets. A special type of burger that aims at specific customer preferences.