4.3.2 Niche Markets

    Cards (30)

    • What is a niche market?
      A focused market segment
    • Niche markets have lower levels of competition
    • Niche markets typically have higher profit margins compared to mass markets.
    • What is a distinguishing characteristic of niche markets regarding customer needs?
      Specific customer needs
    • Niche markets offer opportunities to charge premium prices
    • Strong customer relationships are a key benefit of targeting niche markets.
    • How does a niche market differ from a mass market in terms of its target audience?
      Smaller target audience
    • Niche markets focus on specific needs
    • Match the niche market characteristic with its description:
      Specific Customer Needs ↔️ Tailored to specific preferences
      Higher Profit Margins ↔️ Premium pricing for unique features
      Less Competition ↔️ Fewer direct competitors
      Targeted Marketing ↔️ Customized strategies for the niche
    • Why do niche markets offer higher profit margins?
      Unique product features
    • Niche markets have fewer direct competitors compared to mass markets.
    • What type of marketing strategy is used in niche markets?
      Targeted marketing
    • Why is customer loyalty strong in niche markets?
      Specialized products
    • Order the benefits of targeting niche markets:
      1️⃣ Increased Profitability
      2️⃣ Reduced Competition
      3️⃣ Stronger Customer Relationships
      4️⃣ Focused Marketing
    • What leads to higher profit margins in niche markets?
      Premium pricing
    • Targeting niche markets allows for customized marketing strategies
    • How do loyal customers contribute to niche market success?
      Repeat purchases
    • What are the three main factors that lead to the benefits of targeting niche markets?
      Specific needs, less competition, targeted marketing
    • Targeting niche markets allows for higher profit margins
    • Match the niche market benefit with its explanation:
      Increased Profitability ↔️ Premium pricing for specialized products
      Reduced Competition ↔️ Fewer direct competitors
      Stronger Customer Relationships ↔️ Loyal customers due to tailored service
      Focused Marketing ↔️ Customized strategies for the niche
    • What are the key reasons niche markets lead to stronger brand loyalty and higher profit margins?
      Specific customer needs, less competition, targeted marketing
    • Higher profit margins in niche markets are due to premium pricing
    • Niche markets have more competition than broad markets.
      False
    • Match the strategy with its example niche and success factor:
      Targeted Advertising ↔️ Vegan skincare enthusiasts: natural ingredients
      Content Marketing ↔️ Backcountry hiking community: informative articles
      Social Media Engagement ↔️ Miniature wargaming players: online battles
      Influencer Marketing ↔️ Sustainable fashion consumers: eco-conscious bloggers
    • What is the role of influencers in niche marketing?
      Promote products to the niche
    • Collaborating with other businesses that serve the same niche is known as forming a partnership
    • What is a key characteristic of successful global niche markets?
      Tailored products and services
    • Match the niche market with its example business and strategy:
      Vegan skincare ↔️ Lush: targeted advertising
      Backcountry hiking ↔️ REI: content marketing
      Sustainable fashion ↔️ Patagonia: influencer marketing
    • What is the primary reason businesses like Lush and Blue Bottle Coffee succeed in their respective niches?
      Understanding their audience
    • Targeted marketing strategies are essential for businesses in niche markets.