Paper 2 · Marketing and the Marketing Mix
Which of the following best describes niche marketing?
AIdentifying a small segment of a larger market and tailoring a product to suit it
BSelling a single, standardised product to the whole market without targeting any particular group
CProducing goods in very large quantities to take full advantage of economies of scale
DSetting the lowest possible price so the product appeals to the broadest possible customer base
Explanation: Niche marketing is a 'rifle' approach: a firm identifies and exploits a small, exclusive segment of a larger market with a product suited to it, typically in smaller quantities and without the economies of scale that come from mass production.
Derived from ZIMSEC Business_studies Paper 2, November 2019, Q7
