what is a mass market?
a firm will try to accommodate as much of the market as possible.
high sales revenues, lower prices, low production costs
very competitive, less specialised, slower to adapt to change, lower profit margins, expensive adverting
what is a niche market?
Niche marketing refers to a product or a service that accounts for a certain kind of specialty concerning an unmet customer need.
specialised, less competitors, often better customer knowledge
no room for expansion, complex to set up, expensive to set up and run
what is a virtual market?
a market which operates online.
easy to access for many people, lower costs as there are no shops, easy to expand, start up costs are lower
security issues, price comparisons is easy, lack of support, lower customer knowledge, customer experience lower
Factors Influencing Demand
Advertising and marketing
Trends and fashions
Income and wealth of customers
Price of product
Price of complementary products
Price of substitutes