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How are market growth and market share measured?
Market growth can be measured by volume or value. Market share can be calculated using volume or value depending on the perspective of the manufacturer.
What is the impact of total market sales increasing at a faster rate than a firm's sales on market share?
A firm's market share can decrease even if its sales are rising, if the total market sales are growing at a faster rate than the firm's sales.
In what ways do businesses compete aside from price competition?
Businesses compete through non-price competition, such as customer service, location, and product differentiation.
How do differentiated products affect competition in the market?
Differentiated products increase competition by offering unique features or special ingredients that set them apart from competitors.
What is differentiation in the market?
Differentiation in the market refers to the process of making a product or service unique from other similar offerings in order to stand out and attract consumers.
What is added value in marketing?
Added value in marketing refers to the additional worth that a company gives to a product or service before offering it to customers, often exceeding the cost of the basic materials needed to produce the good or service.
How can businesses add value through marketing strategies?
Businesses can add value through marketing strategies by creating an exclusive and luxurious retail environment, using high-quality packaging, promoting and branding the product, and offering special ingredients or features that set the product apart from competitors.
What is marketing?
Marketing is the process of promoting and selling products or services, including market research, advertising, and branding.
What is a Unique Selling Point (USP)?
A Unique Selling Point (USP) is the special feature of a product that differentiates it from competitors' products.
What is product differentiation?
Product differentiation is making a product distinctive so that it stands out from competitors' products in consumers' perception.
What are examples of niche marketing?
Examples of niche marketing include Versace designs, Clinique perfumes, extreme sports clothing, and stretcher retail shops that cater to a specific, often small, segment of the market.
What is niche marketing?
Niche marketing involves identifying and exploiting a small segment of a larger market by developing products to suit it.
What is mass marketing?
Mass marketing involves selling the same products to the whole market with no attempt to target groups within it.
What are the key terms associated with niche and mass marketing?
The key terms associated with niche and mass marketing are niche marketing and mass marketing.
What is the concept of mass marketing in modern business practices?
The concept of mass marketing, selling one product for the whole market, is becoming quite unusual as firms recognize the need to target different segments within the market.
How has Hoover adapted to changing consumer preferences and increased competition in the market?
Hoover has expanded its product range to offer a wider variety of models in different sizes, power output, and prices to appeal to different segments of the mass market.
What are the advantages of niche marketing?
Advantages of niche marketing include the opportunity for small firms to thrive, the ability to sell at higher prices and profit margins, and the chance to create exclusive products that consumers are willing to pay more for.
What are the advantages of mass marketing?
Advantages of mass marketing include achieving economies of scale, lower average costs of production, and running fewer risks compared to niche strategies.
How should management decide between niche and mass marketing strategies?
Management should decide based on the objectives of the business and the nature of the product, with niche marketing being more customer-focused and mass marketing aiming for broader market coverage.
What is niche marketing all about?
Niche marketing is about targeting a specific segment of the market with specialized products or services.
What are the disadvantages of small market niches?
Small market niches do not allow economies of scale to be achieved, and any change in consumer buying habits could lead to a rapid decline in sales.
Why might mass-market businesses enjoy substantially lower average costs of production?
Mass-market businesses may enjoy lower average costs of production due to economies of scale.
What are the advantages of niche marketing?
Advantages of niche marketing include targeting specific consumer needs, less competition, and the ability to charge premium prices.
