Market

• Mass market


  Businesses that sell to a wide range of the population
• Niche market


  Businesses that sell to a specific, narrower group of customers
• Niche market products


  • Beard baubles
• Businesses in niche markets

  Can be more vulnerable than businesses in mass markets as they sell to a narrower and smaller range of customers
• Businesses in niche markets


  Usually face less competition than businesses in mass markets
• Businesses in niche markets

  Can usually charge higher prices than those in mass markets
• Market size


  The total value of sales in a market over a certain time period (usually a year)
• Market share


  The proportion of the total market that a business holds, calculated by dividing their sales in a certain time period by the total sales in the total market
• Mass markets have a larger market size than niche markets
• There are usually many more businesses in a mass market than in a niche market
• Each business within a mass market is likely to have a smaller market share than each business within a niche market
• Branding


  Creates a clear and obvious logo, name or statement that customers can instantly recognise, helping them differentiate a business's product from competitors
• Branding is important in all markets, as it can encourage consumers to buy products and therefore affect the market share that a business has
• Businesses in mass markets might focus more on branding than businesses in niche markets
• In niche markets, consumers are more concerned with whether the product meets their particular requirements