Mass and niche marketing

• what is a niche market?

  A niche market is a small, specialized segment of a larger market that caters to a specific customer need or interest.
• what is niche marketing?

  Targeting a specific segment of the market with specialized products or services.
• what is a mass market?

  a business targets the whole of the market, with products/services that have wide appeal
• what is a brand?

  A brand is a unique name, symbol, design, or combination of these elements that identifies and differentiates a product, service, or company from others.
• what is mass marketing?

  Mass marketing is a marketing strategy that targets a large and diverse audience with the aim of reaching as many potential customers as possible.
• advantages of niche marketing

  • charge a premium price
  • understand customers better
  • products/services can be tailored more
  • earn a higher profit
  • low level of competition
  • loyal customers
  • not much advertising needed
  • reduced costs
• disadvantages of niche marketing?

  • hard to grow sales
  • overall profit may be low
  • no economies of scale
  • cost per unit is higher
  • higher risk
  • liquidity problems
• advantages of mass marketing

  • economies of scale
  • high sales volume
  • cost per unit is low
  • high revenue
  • enter more markets
• disadvantages of mass marketing

  • high investment cost
  • lots of competition