Niche Markets Flashcards
1
Q
What is cultural diversity?
A
Recognition that groups of people across the globe have different interests and values
2
Q
What is a global niche market?
A
A market where customers in many countries have specific needs and wants that are not satisfied by mass market products or services
3
Q
Why do global nice markets develop?
A
- cultural differences
- specialist expertise developed
- different adoption of technology
- premium/ luxury brand
- distinctive branding
4
Q
Advantages of global niche
A
- less competition
- high degree of differentiation
- high degree of targeting
- high loyalty
5
Q
Disadvantages of global niche
A
- smaller target market
- may not be viable
- could be bought out by a larger business
