Business – 3.1 The nature of marketing – Mass and niche marketing | e-Consult
3.1 The nature of marketing – Mass and niche marketing (1 questions)
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Model Answer:
- Customer Homogeneity vs. Heterogeneity
- Mass market: Targets a large, broadly similar consumer base with common needs and preferences.
- Niche market: Focuses on a small, specialised group with specific, often unique, requirements.
- Product Standardisation vs. Customisation
- Mass market: Offers standardised products designed for wide appeal and economies of scale.
- Niche market: Provides highly customised or specialised products that meet the precise demands of the niche.
- Marketing Communication
- Mass market: Uses broad‑reach media (TV, radio, national campaigns) to achieve high awareness.
- Niche market: Relies on targeted channels (specialist magazines, online forums, direct marketing) to reach the specific audience.
- Pricing Strategy
- Mass market: Typically adopts low‑price, high‑volume pricing to maximise market share.
- Niche market: Can command premium prices due to the specialised nature of the offering.