Mass and Niche Markets Flashcards

A large market where products or services are aimed at a wide range of customers with similar needs and wants.

A smaller, specialised market segment where products or services are tailored to meet the specific needs of a particular group of customers.

High sales volume, economies of scale, high competition, and products with wide appeal.

Lower sales volume, higher profit margins, less competition, and highly specialised products.

Large customer base, potential for high revenue, and economies of scale.

Less competition, strong customer loyalty, and ability to charge premium prices.

High competition, lower profit margins, and difficulty in differentiating products.

Limited growth potential, reliance on a small customer base, and vulnerability to market changes.

Soft drinks like Coca-Cola, which appeal to a wide range of customers.

Gluten-free bread, which targets customers with specific dietary needs.