Global Niche Markets (Edexcel A-Level Business): Flashcards
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Global niche markets definition
Global niche markets definition
Specialised market segments across countries serving specific needs
Subcultures definition
Subcultures definition
Groups of customers with common interests, hobbies or requirements
Key characteristic of global niche markets
Key characteristic of global niche markets
Customers willing to pay premium prices for specific products
Price inelastic demand definition
Price inelastic demand definition
When price changes have small effects on quantity demanded
Cultural diversity definition
Cultural diversity definition
Recognition people globally have different interests, values, norms
Colour for mourning in Western countries
Colour for mourning in Western countries
Black
Premium prices definition
Premium prices definition
Significantly higher prices for exclusive or high-quality products
Main advantage of niche marketing
Main advantage of niche marketing
Ability to charge higher prices due to price inelastic demand
Main disadvantage of niche marketing
Main disadvantage of niche marketing
Low sales volumes requiring high profit margins to be viable
Economies of scale definition
Economies of scale definition
Cost advantages from producing larger quantities