1.1.1 Mass Niche

Question 1

definition mass market

Answer 1

very large market with high sales volume; occurs standerdized product is aimed at the largest group of customers for that particular product/service

Question 2

aim mass market

Answer 2

create products with universal appeal

Question 3

characteristics mass market

Answer 3

customer needs general and less psecific
higher production output
potential for economies of scale
succes usually associated with low-cost operation

Question 4

advantages mass market

Answer 4

economies of scale
straighforwards - everyone is targeted
large volumes of sales - high revenues - pumped into research and development

Question 5

disadvantages mass market

Answer 5

lots of competition
homogenous = alike products need to be differetiated through marketing - expensive
high volume production not flexible enough to keep up with changes in demand

Question 6

Niche market definition

Answer 6

small part of larger market that has special characteristics e.g. luxury services

Question 7

niche market advantage

Answer 7

meeting customrt needs more precisely - loyal customer base
higher profit margins
less competition - oatly

Question 8

niche market disadvantages

Answer 8

limited customer base - low market size
risk of overdependence on single product
market trend change - potentail collaps
low economies of scale

Question 9

examples mass market firms

Answer 9

McDonalds, Starbucks, Zara

Question 10

examples niche markets

Answer 10

Oatly, Tesla, Patagonia

Question 11

what is a brand

Answer 11

a unique identity, including a name, logo, and image, that distinguishes a company or product from its competitors and creates recognition and trust with consumers.