Mass Markets and Niche Markets (Edexcel A-Level Business): Flashcards

Where buyers & sellers meet to exchange goods & services

Process: identifying, anticipating, satisfying customer needs

Sells same products to all consumers in same way

Economies of scale reduce unit costs

Small, specialised segment serving specific customer needs

Premium prices possible with little/no competition

Total amount customers spend in the market

Physical quantity of products produced & sold

(Business sales / Total market sales) × 100%

Markets that constantly change over time