Mass & Niche Markets Flashcards
What is a mass market?
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. A mass market product or service aims to most types of customer.
What is a niche market?
Niche markets are smaller segments of the market. A niche market offers products or services that aims to target specific type of customers and their preferences.
A premium burger restaurant is about to open in your area, what competition is it likely to face?
In the niche market, a premium burger restaurant will compete with gourmet burger places like Five Guys and those offering vegan or organic options. It will face competition based on the quality, unique flavours, selling points & with the costs related to these factors.
