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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Business
  6.  
  7. Unit 1 - Marketing and people

Summary

Summary Theme 1 "the markets" summarized
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This summary of the topic markets "Markets" will help you understand the different type of markets out there and its method of researchers as well as how to target a specfic market. *EASY TO MEMORISE*

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  • August 9, 2021
  • 4
  • 2021/2022
  • Summary

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Topic:
The
Market

Theme
1:
Section
1.1
Meeting
Customer
Needs



What
You
Need
to
Know

• Niche
and
mass
marketing

• Market
size
&
growth

• Market
share

• Dynamic
markets

• How
competition
affects
markets

• Risk
and
uncertainty



Niche
and
Mass
Marketing

One
way
of
analysing
the
differences
between
markets
is
to
make
a
distinction

between
niche
and
mass
markets.
This
is
a
similar
idea
to
market
segmentation,

although
it
is
based
more
on
the
overall
characteristics
of
a
market
(e.g.
size,
extent

of
product
differentiation)
than
other
ways
in
which
customer
needs
and
wants

are
different.



Niche
Marketing
Where
a
business
targets
a
smaller
segment
of
a
larger

market,
where
customers
have
specific
needs
and
wants

Mass
Marketing
Where
a
business
sells
into
the
largest
part
of
the
market,

where
there
are
many
similar
products
offered
by

competitors



The
key
features
of
a
mass
market

(reverse
these
to
identify
key
features
of
a

niche)
are:



• Customers
form
the
majority
in
the
market

• Customer
needs
and
wants
are
more
“general”
&
less
“specific”

• Associated
with
higher
production
output
and
capacity
+
potential
for

economies
of
scale

• Success
usually
associated
with
low-­‐cost
(highly
efficient)
operation
or
market

leading
brands




So,
given
that
a
mass
market
is
a
larger
opportunity,
why
might
a
business
want
to

target
a
niche?
As
with
all
marketing
choices
there
are
potential
benefits
and

drawbacks:



Advantages
of
Targeting
a
Niche
Disadvantages
of
Targeting
a
Niche

Less
competition
-­‐
a
“big
fish
in
a
small
Lack
of
economies
of
scale


pond”
Risk
of
over
dependence
on
a
single

Clear
focus
-­‐
target
particular
customers
product
or
market

Builds
up
specialist
skill
and
knowledge
Likely
to
attract
competition
if
successful

Can
often
charge
a
higher
price
Vulnerable
to
market
changes
–
all
“eggs

Profit
margins
often
higher
in
one
basket”

Customers
tend
to
be
more
loyal




Market
Size

As
the
name
implies,
market
size
is
a
measure
of
the
total
available
demand
for

competitors
in
a
market.

Key
points
to
remember
about
market
size
are:



• It
indicates
the
potential
sales
for
a
firm
(the
“size
of
the
prize”)

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