meeting customer needs and the market

Question 1

define market

Answer 1

where buyers and sellers come together to sell goods

Question 2

define mass market

Answer 2

selling to a larger proportion of a market

Question 3

define niche market

Answer 3

selling to a smaller proportion of a market

Question 4

list the benefits of mass market

Answer 4

wider target audience
lower risks
low unit costs
market research costs relatively low

Question 5

disadvantages of mass market

Answer 5

lots of competition
high advertising costs
high start up costs

Question 6

benefits of niche market

Answer 6

less competition
customers may be forced to come to you
increased prices
clear focus
build up skills and knowledge

Question 7

list pros of online retailing

Answer 7

shop round the clock
orders low cost
stock easily
easy to set up
flexible
fast growth

Question 8

list cons of online retailing

Answer 8

issues with sending goods back
issues with online security
competitive
need IT skills
competitors