Market types |
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Stretch & challenge: Can you give any examples to support your answer.
Key terms
Mass Market, this is when goods are produced and sold on a large scale. They are often produced for a variety of age groups and locations when in their generic form.
Niche Market, This market is restricted to specialist interests and is a lot smaller than the mass market. Products such as prosthetic limbs created for paraplegic individuals would be a niche market.
Market Segmentation, This is when a large market is broken down into smaller groups based on certain characteristics, for example, age, gender.
Mass Market, this is when goods are produced and sold on a large scale. They are often produced for a variety of age groups and locations when in their generic form.
Niche Market, This market is restricted to specialist interests and is a lot smaller than the mass market. Products such as prosthetic limbs created for paraplegic individuals would be a niche market.
Market Segmentation, This is when a large market is broken down into smaller groups based on certain characteristics, for example, age, gender.
Stretch & challenge: For one of the mass and one of the niche market products you have identified, list the key criteria you would use to segment the market in order.
Task 3
Conduct some research and analysis of a niche product of your choice, or one of the examples below, to establish as much about the target market as you can, i.e. the equivalent of reverse engineering the work of the marketing team who developed the product. Keep detailed notes to feed back to the class.
Conduct some research and analysis of a niche product of your choice, or one of the examples below, to establish as much about the target market as you can, i.e. the equivalent of reverse engineering the work of the marketing team who developed the product. Keep detailed notes to feed back to the class.