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Business - Markets
- Niche Markets
- This means targeting a service or product at a small segment of customers in
a larger market
- Advantages
- Normally charge customers more, because of premium prices.
- 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.
- 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.
- Focused on customer needs. Which creates USP
- USP = Unique selling point
- USP = Unique selling point
- Normally charge customers more, because of premium prices.
- Disadvantages
- 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
- 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
- This means targeting a service or product at a small segment of customers in
a larger market
- Mass Market
- Aiming a product at all (or most) of a market
- Advantages
- Aiming a product at all (or most) of a market
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