Effective Marketing And Competitive Environment
Marketing is the process of identifying, anticipating and satisfying customer needs profitably.
Niche market is where a business targets a smaller segment of a larger market, where customers have specific needs and wants.
+clear focus, target particular customers
+builds up specialist skill and customer
+can often charge a higher price
-lack of economies of scale
-risk of over dependence on a single product or market
-likely to attract competition if successful.
Mass market is where a business sells into the largest part of the market, where there are many similar products offered by competitors.
+lower cost per unit through bulk buying
+increase brand awareness
B2B is a business that only sells its goods and services to another business for example capita
B2C is a business that sells its goods and services directly to the customers for example Amazon