meeting customer needs- the market

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  • Created by: finleyyy
  • Created on: 28-01-20 10:08

Market- anywhere where buyers and sellers come together to transact with eachother

Niche market- Smaller segment of the market, unique products- fulfils specific needs and wants. High profit margin but less competitors. 

Benefits-

  • Less competition
  • Clear focus
  • Builds specialist skill and knowledge
  • Can often charge a higher price
  • Customers tend to be more loyal

Limitations-

  • Lack of economies of scale (these are lower unit costs that arise from operating at high production volumes)
  • Risk of over dependence on a single product or market
  • Likely tp

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