Mass Markets and Niche Markets (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is marketing according to the Chartered Institute of Marketing?
What is marketing according to the Chartered Institute of Marketing?
Identifying, anticipating & satisfying needs
What defines a mass market?
What defines a mass market?
Sells same products to all consumers
What is the main advantage of economies of scale in mass markets?
What is the main advantage of economies of scale in mass markets?
Reduces the unit cost of each item
How much did Coca-Cola spend on global advertising in 2013?
How much did Coca-Cola spend on global advertising in 2013?
$3.3 billion
What is a niche market?
What is a niche market?
A small, specialised market segment
Why can niche market businesses charge premium pricing?
Why can niche market businesses charge premium pricing?
There is little or no competition
What is a key disadvantage of relying on a single niche market?
What is a key disadvantage of relying on a single niche market?
Lack of risk spreading
What does market value measure?
What does market value measure?
Total amount customers spend
If a business has sales of £20m in a market worth £200m, what is its market share?
If a business has sales of £20m in a market worth £200m, what is its market share?
10%
What does it mean when markets are described as dynamic?
What does it mean when markets are described as dynamic?
They constantly change over time