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Business - Markets

Description

Niche, Mass, Dynamic
s012595
Mind Map by s012595, updated more than 1 year ago
s012595
Created by s012595 over 6 years ago
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Resource summary

Business - Markets
  1. Niche Markets
    1. This means targeting a service or product at a small segment of customers in a larger market
      1. Advantages
        1. Normally charge customers more, because of premium prices.
          1. Premium prices = The marketing practice of selling an elite product at a cost level above that of its competition in order to make it appeal to more exclusive and wealthy consumers.
          2. Focused on customer needs. Which creates USP
            1. USP = Unique selling point
          3. Disadvantages
            1. Only focusing on one market will cause risk because they not spreading and because of this, it can make the business go bankrupt, or lose to their competitors
          4. Mass Market
            1. Aiming a product at all (or most) of a market
              1. Advantages
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