igcse business questions

[Omar Aziz]

hello everybody
I have some questions about business.
1)explain differences between mass market and niche market using examples of goods and services'
2)explain why and how a business segment market and use examples to illustrate this

 

[Fatweaboo]

hello everybody
I have some questions about business.
1)explain differences between mass market and niche market using examples of goods and services'
2)explain why and how a business segment market and use examples to illustrate this

Easy. All you need to know is the definitions.

Niche Market- Small part of a larger market that sells specified good and services to satisfy specific customer needs and wants.
Mass Market- A large market that sells unlimited goods and services to a wide range of customers without discriminating. ( A product or service on a large scale ).

2) A business can segment a market by dividing the larger market into portions that's customer's base share common characteristics and needs.

Hope that answered your Question.

 

[Tull O.]

Easy. All you need to know is the definitions.

Niche Market- Small part of a larger market that sells specified good and services to satisfy specific customer needs and wants.
Mass Market- A large market that sells unlimited goods and services to a wide range of customers without discriminating. ( A product or service on a large scale ).

2) A business can segment a market by dividing the larger market into portions that's customer's base share common characteristics and needs.

Hope that answered your Question.

This was pretty clear, except for the business segmentation part; a business can specifically segment either geographically (location-wise) or demographically (dividing the market according to specific characteristics like age, social class, income, etc.).

And to add to the mass market point, it's technically impossible to have unlimited supply, but they, like you said, produce homogeneous (identical) products on a very large scale, without any specifications e.g. if cornflakes only had one flavour and one size, it'd be the perfect example of mass marketing.