Understanding Niche and Mass Markets: A Market Research Guide
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Niche market - It is a small market that aims to meet specific user needs.
Mass market - The largest market possible for a product.
PRIMARY DATA - Original data obtained from customers or customers
SECONDARY DATA - Already exist is known as DESK RESEARCH.
Quantitative data - Sales figures, government statistics.
Qualitative data - Opinions, interviews, focus groups.
AREAS OF INTEREST - Products and services customers want to buy or are inquiring about.
GAP IN THE MARKET - A customer need that is not yet fully met.
BENCHMARKING - Checking how the business is performing and comparing with other businesses.
Target customer - Many businesses build a profile, like age, income, lifestyle, location etc.
PURPOSE OF MARKET RESEARCH - Identify, target market, competitor activity, market trends, understand consumer behavior.
Key market research findings.
Market size - Value, brand, type of customer.
Market share - Already know definition.
Market growth - Means the market is worth more each year, they can grow or decline.
Fast growing - Opportunities for sales, more competition, price is important.
BENEFIT OF NICHE MARKET - Products can be sold at premium prices, the business is not a threat to large businesses, the businesses can target its advertising and promotion to its target market.
Market mix - Price - Place - Promotion - Product.
Price - Gives customers an indication of quality.
Product - Must meet the needs of the customer, 'product' includes the brand name, the range offered.
Place - Having the product available to customers in the right place at the right time and in premium condition.
Promotion - Is the way a business makes potential customers aware of its products.
Product life cycle - Introduction - Growth - Maturity - Saturation - Decline.
Pricing strategies.
Cost plus pricing: Cost of product + percentage of profit.
Skimming - Asking a high price at the launch of a new product.
Penetration - Asking a low price to attract customers, and put it at normal price after.
EBUSINESS - Means that many of the business operations, such as stock control, financial systems human resources and customer relations, are linked by technology.
ECOMMERCE - Means the business buys and sells goods over the internet. It may also offer customer service online.