Business Studies Revision

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  • 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.

pros:

high sales revenues, lower prices, low production costs

cons:

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.

pros:

specialised, less competitors, often better customer knowledge

cons:

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.

pros:

easy to access for many people, lower costs as there are no shops, easy to expand, start up costs are lower

cons:

 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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