Business Studies Revision

  • Created by: martha
  • Created on: 16-01-13 09:56

Mass Markets

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

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Niche Markets

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

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Virtual Markets

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

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Factors Influencing Demand

Advertising and marketing

Trends and fashions

Income and wealth of customers

Seasonal factors

Price of product

Price of complementary products

Price of substitutes

Competitors actions

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