What is meant by cultural diversity in global markets?

Accepting that people in different parts of the world hold different values, beliefs and tastes, which shape what they buy.

Define a global niche market.

A small, specialised segment of the international market with distinct needs or preferences that are not fully addressed by mainstream products or services.

What characterises the customer base in global niche markets?

A small but dedicated customer base willing to pay premium prices for specialised products.

Why do global niche markets often have limited competition?

Due to the specialised nature of the products or services offered, which deters mainstream competitors.

What type of understanding is essential for businesses operating in global niche markets?

Deep understanding of specific customer needs and cultural preferences across different countries.

What would happen if a business entering a global niche market failed to understand cultural preferences in different countries?

The business would likely fail to meet specific customer needs, resulting in poor sales and inability to compete effectively in the niche.

Edexcel A-Level Business 9BS0

Meeting Customer Needs

Topic overview The market Market research Market positioning

The Market

Topic overview Demand Supply Markets Price elasticity of demand Income elasticity of demand

Marketing Mix and Strategy

Topic overview Product/service design Branding and promotion Pricing strategies Distribution Marketing strategy

Managing People

Topic overview Approaches to staffing Recruitment, selection and training Organisational design Motivation in theory and practice Leadership

Entrepreneurs and Leaders

Topic overview Role of an entrepreneur Entrepreneurial motives and characteristics Business objectives Forms of business Business choices Moving from entrepreneur to leader

Raising Finance

Topic overview Internal finance External finance Liability Planning

Financial Planning

Topic overview Sales forecasting Sales, revenue and costs Break-even Budgets

Managing Finance

Topic overview Profit Liquidity Business failure

Resource Management

Topic overview Production, productivity and efficiency Capacity utilisation Stock control Quality management

External Influences

Topic overview Economic influences Legislation The competitive environment

Business Objectives and Strategy

Topic overview Corporate objectives Theories of corporate strategy SWOT analysis Impact of external influences

Business Growth

Topic overview Growth Mergers and takeovers Organic growth Reasons for staying small

Decision-Making Techniques

Topic overview Quantitative sales forecasting Investment appraisal Decision trees Critical Path Analysis

Influences on Business Decisions

Topic overview Corporate influences Corporate culture Shareholders versus stakeholders Business ethics

Assessing Competitiveness

Topic overview Interpretation of financial statements Ratio analysis Human resources

Managing Change

Topic overview Causes and effects of change Key factors in change Scenario planning

Globalisation

Topic overview Growing economies International trade and business growth Factors contributing to increased globalisation Protectionism Trading blocs

Global Markets and Business Expansion

Topic overview Conditions that prompt trade Assessment of a country as a market Assessment of a country as a production location Reasons for global mergers or joint ventures Global competitiveness

Global Marketing

Topic overview Marketing Niche markets Cultural/social factors

Global Industries and Companies

Topic overview The impact of MNCs Ethics Controlling MNCs

Global Marketing

Niche markets

3 things to know
Paper 1 and Paper 3

Overview

How global niche markets form from cultural diversity, what characterises their customers, and why competition in them is often limited.

What you need to know

Answer each one before you reveal it.

Your recallNot started

Key term

What characterises a global niche market?

Key term

What does a business need to succeed in a global niche market?

Key term

How have digital technology and e-commerce enabled businesses to serve global niche markets more effectively?

Questions from this subtopic

Each one with the model answer underneath.

1
What is meant by cultural diversity in global markets?
Model answer
Accepting that people in different parts of the world hold different values, beliefs and tastes, which shape what they buy.
2
Define a global niche market.
Model answer
A small, specialised segment of the international market with distinct needs or preferences that are not fully addressed by mainstream products or services.
3
What characterises the customer base in global niche markets?
Model answer
A small but dedicated customer base willing to pay premium prices for specialised products.
4
Why do global niche markets often have limited competition?
Model answer
Due to the specialised nature of the products or services offered, which deters mainstream competitors.
5
What type of understanding is essential for businesses operating in global niche markets?
Model answer
Deep understanding of specific customer needs and cultural preferences across different countries.
6
What would happen if a business entering a global niche market failed to understand cultural preferences in different countries?
Model answer
The business would likely fail to meet specific customer needs, resulting in poor sales and inability to compete effectively in the niche.

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