Marketing and the competitive environment

Effective Marketing

Market: Where people buy products and service.

Marketing: Identifying and meeting the need of the customers.

Niche Market: Small segment of the large market, which focuses on specific products.

Adv:

  • Less competition
  • Fixed cost is low
  • Small-scale production
  • Tailor-made products

Disadv:

  • Lower profits
  • Changes in demand
  • Market entry

Mass Market: A large market where a large-scale of products are produced to meet the needs of a very large number of customers.

Adv:

  • Large-scale of production
  • High revenue
  • Barriers to to entry
  • Brand awareness

Disadv:

  • Fixed capital
  • Changes in demand
  • Effect of standardisation
  • High competition
  • Adding Value

Comment Stream