The concepts of niche and mass market segments are introduced here by Jim.<\/p>\n
#alevelbusiness #marketing #NicheMarkets #MassMarketing<\/p>\n
VIDEO CHAPTERS
\n00:00 Introduction
\n01:22 Niche and Mass defined
\n02:12 Key features of a mass market
\n03:04 Examples of mass market products
\n03:19 Benefits of mass markets
\n03:58 Why target a niche market?<\/p>\n
VIDEO SUMMARY<\/p>\n
This video is about the difference between niche and mass markets, using potato crisps as an example.<\/p>\n
Mass markets are the biggest part of the market, where there are many similar products offered by a number of competitors. For example, Walkers crisps have over 55% of the market share for crisps in the UK. Customers in a mass market tend to have less specific needs and wants. Businesses can succeed in a mass market by having low unit costs and exploiting economies of scale. This means producing a lot of a product in order to bring the price down. It can also be helpful to have a ubiquitous brand that is well-recognized by consumers. Examples of successful mass market brands include McDonald’s, Gillette, Heinz and Kellogg’s.<\/p>\n
Niche markets are smaller segments of a larger market. Customers in a niche market have more specific needs and wants. This means that businesses can charge a higher price for a more differentiated product. For example, O’Donnell’s crisps are gluten-free and hand-cooked, which appeals to a specific niche market. Businesses that succeed in niche market are less likely to attract competition. However, they are also less likely to benefit from economies of scale.<\/p>\n","protected":false},"excerpt":{"rendered":"
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