Niche and mass markets

Niche
In niche marketing the company concentrates on small target market. The reason to do this is the company has low capital, low costs, have highly specialization, and the characteristics of target market needs customize and specialize products or services. The advantages of niche market is become specialize and has strong brand image.

Mass
Mass marketing strategy trying to reach market in greater areas by using single marketing strategy. The Advantages of this strategy is in terms of low cost in production costs and tends to masters market monopolistic ally. Another advantage of this strategy is producer can close all markets from competitor.

What is a market segment, and how do these impact on business'?

A market segment is an identifiable group with simular needs and wants within a market. Examples of how to define a segment:
age- products aimed at certain age groups
Gender- Differ for different genders
Income- produce goods for different levels of income eg pricing
Socio Economic groupings- segmenting people on income
Usage rate- Firms distinguish between heavy users nd not eg. smoking
Ourchse occasions- Producers have tried to increase the numberof purchase occasions to buy cards etc.

These impact business as it helps disiguish and identify the target audience and match to the demands needs and wants of the consumer

Why would a business want to enter a growing market?

- gain sales
-more chance of sucess
- Higher demand
- Less competition
- Profits made
-Less chance of failure
- Benefit from economies of sales
-Room for expanison

Market Orientation, Product Orientation, Asset-led Marketing and Adding value

Market Orientation=A marketing orientated approach means a business reacts to what customers want. The decisions taken are based around information about customers’ needs and wants, rather than what the business thinks is right for the customer. Most successful businesses take a market-orientated approach
Product Orientation= A product orientated approach means the business develops products based on what it is good at making or doing, rather than what a customer wants. This approach is usually criticised because it often leads to unsuccessful products - particularly in well-established markets.
Asset-led Marketing=  uses product strengths such as the name and brand image to market both new and exist-ing products. With asset led marketing, Marketing de-cisions are based on the needs of the consumer and the assets of the product
Adding Value= The concept of 'Added Value' is that the customer gains some additional advantage without having to pay for it - or pay very little, compared with its value to the customer.
Adding  value to your products or services is a way of enhancing what you are offering, without necessarily adding to your costs. It can also help to differentiate your products from those of your competitors. This makes direct price comparisons more difficult for prospective customers, and can increase your profit margins.
Here are some popular 'Added Value' ideas:

• Guarantees: The cost is usually very small, but they can go a long way towards gaining customer confidence. This can reduce a buyer's resistance.
• Delivery: Most customers put reliability first, speed second. This does not always have to be free.
• Service: Very important to customers, and a major way to retain customer loyalty. Difficult to establish credibility for new customers, since 'service' has to be experienced to be truly believed.
• Credit: Can add value to some customers. But make sure that your own finances will not be damaged. Finance companies could be used - and some of them will pay you a commission.
• Packaging & presentation: The more professional and attractive the packaging, the more the perceived value of the product will be.
• Quality assurance: International standards, such as ISO 9000 accreditation can be of value, but reputation is equally important.

what impact does a large market share have on a business and their competitors

How can a market be measured?

- Number of products
- Competitors
- Numbers of sale
- deduction costs
-Overhead costs
- Wages
- Demand
-Running costs
- Current situation of economy

http://tutor2u.net/business/marketing/market_analysis_marketshare_measuring.asp

What is different between a geographical and non-geographical market

Geographical- Able to meet with client face to face, business done when in their presence
Non-geographical- Computerised communications