Niche Market 4.3.2

Question 1

What are the features of a global niche market

Answer 1

• A clear understanding of the needs and wants of customers.
• an emphasis on quality
• excellent customer service o expertise in the product area
• prioritising profit rather than market share

Question 2

What are the challenges of being in a niche global market

Answer 2

being able to find, attract and supply their products to a small group of particular customers.

Question 3

Factors contributing to international desirability

Answer 3

The internet and e-commerce
Social media
Ease of travel
Music, film and tv

Question 4

How can an international niche be different

Answer 4

Even though niche markets are small by definition, they can also differ through the fact that people have different cultures, values and interests in different parts of the world.

Question 5

Niches in the marketing mix PRODUCT

Answer 5

Product - niche marketers design products with a focus on quality, excellence and a premium service.

Question 6

Niches and marketing mix PRICEN

Answer 6

Price - the nature of niche markets dictates that pricing must deliver a high profit margin on each unit sold.

Question 7

Niches and the marketing mix PROMOTION

Answer 7

branding is vital in niche markets; promotional tools will emphasise exclusivity and carefully target customers.

Question 8

Niches and the marketing mix PLACE

Answer 8

a narrow range of channels using specialist agents and dealers will support an image of quality and exclusivity.