The market

Overview

Mass and niche markets, market size and market share, brands, dynamic markets and online retailing, how competition changes a market, and the difference between risk and uncertainty.

What you need to know

Answer each one before you reveal it.

Questions from this subtopic

Each one with the model answer underneath.

1. 1

   What type of target audience does a mass market aim to reach?

   Model answer

   A large target audience, targeting a broad range of consumers rather than a specific segment.

2. 2

   What kind of products are typically sold in a mass market?

   Model answer

   Undifferentiated products that are not tailored to specific customer groups.

3. 3

   How would you describe the sales volumes typically achieved in a mass market?

   Model answer

   High sales volumes due to the large number of potential customers.

4. 4

   What characterises profit margins per unit in a mass market?

   Model answer

   Lower profit margins per unit, offset by the high volume of sales.

5. 5

   Why are products in mass markets typically standardised?

   Model answer

   Standardised products allow for economies of scale and appeal to the widest possible range of consumers.

6. 6

   How would you define a niche market in relation to a larger market?

   Model answer

   A small, specialised segment of a larger market that focuses on a particular group of customers.

Other ways to work this

The same content, four other ways.

What is inside Levo

Six ways to work the same material.