Understanding mass and niche markets

• What type of customers do high-end vinyl record sellers target?

  Music enthusiasts
• What is the typical size of a mass market?

  Large
• What is a mass market defined as?

  Large audience with similar needs
• What type of products do niche markets typically offer?

  Specialized products
• What is a niche market?

  A small, specific market segment
• Mass markets cater to highly specific and diverse needs.

  False
• Why do companies tailor their products and services in niche markets?

  To meet specific needs
• What is one of the pros of targeting a mass market?

  Massive earnings potential
• What is one advantage of niche markets related to customer loyalty?

  High customer loyalty
• What general need does Primark satisfy for British teenagers?

  Affordable and stylish fashion
• What type of brand loyalty is common in niche markets?

  High
• What type of products are typically sold in mass markets?

  Wide range of products
• What are the four main marketing strategies used for mass markets?

  Advertising, sales promotions, public relations, digital marketing
• Match the advantage of niche markets with its explanation:

  High Customer Loyalty ↔️ Customers feel understood and value specialized products.

  Less Competition ↔️ Easier to stand out due to fewer direct competitors.

  Specific Products ↔️ Tailored products meet specific needs perfectly.

  Premium Pricing ↔️ Higher prices can be charged because of unique value.
• Match the market type with its example product:

  Mass Market ↔️ Mobile phones

  Niche Market ↔️ Vegan skincare
• What is an example of a product in the mass market category?

  Mobile phones
• What type of campaign is used in direct marketing to build relationships?

  Personalized email or mail
• What are the three key elements emphasized in niche marketing strategies?

  Quality content, engagement, communication
• Jeans are an example of a product in a niche market.

  False
• What does a broad market reach in mass markets ensure?

  Accessibility to many consumers
• What is the primary goal of public relations in marketing?

  Manage company reputation
• What is a key driver of revenue in mass markets?

  High sales volume
• Why is there less competition in niche markets?

  Fewer direct competitors
• Influencer marketing is effective because it reaches a broad, untargeted audience.

  False
• Differentiation in mass markets is primarily achieved through specialized products.

  False
• What is the primary goal of social media engagement in niche marketing?

  Encourage community and feedback
• Mass markets target specific consumer segments.

  False
• What type of consumer is targeted by vegan skincare products?

  Consumers interested in natural products
• Which social media platform is mentioned in the example for engaging with customers?

  Instagram
• Match the marketing strategy with its key activity:

  Content Marketing ↔️ Creating informative content

  Social Media ↔️ Engaging with customers

  Influencer Marketing ↔️ Partnering with influencers

  Direct Marketing ↔️ Personalized email campaigns