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Business 1-4 - Coggle Diagram
Business 1-4
Niche Marker
• Able to focus more closely on other option but do not customer’s needs [k] leading to award the same point twice as mirror answers are not accepted. customer loyalty / good customer relations [an] • Less competition [k] less pressure to lower prices / easier to attract customers [an] • May be able to set higher prices (for a high status, exclusive product) [k] so able to have high / increase profit margin [an] • Can become expert in the segment [k] • Small size of market means will not benefit from economies of scale [k] leading to higher average costs [an] •
In a niche market a business can focus more closely on customer’s needs [k] leading to higher levels of customer loyalty [an]. In a mass market, there are more potential customers [k] which could mean higher re venue [an]. However, I do think a small business has a better chance of success in a niche market because it can continue to charge high prices [eval] as large companies will not see the market as worthwhile because of potentially low sales. [eval]
Social Media
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Limitation:
No internet access / not everyone uses social media / message lost among many messages on social media
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