Business Studies Niche Marketing This is where firms concentrate on selling to a small market, due to these costs can be kept low because of the savings made by specialization. IT is usually used by smaller firms as they can concentrate on establishing a strong image and position in their niche. Also niche markets are usually ignored by larger multinational firms, who are not interested in the low sales volume yielded by a small segment. A good example is Rolls Royce who specializes in the luxury automobile niche. Mass marketing This is the total opposite to that of niche marketing, in mass marketing a firm will try to accommodate as much of the market as possible. However doing this means you have to ignore certain area’s of the market as you cannot accommodate the whole thing. Mass marketing usually involves marketing different products to different groups of people or promoting the same product through different means. An example of the former is the way banks now work, they have separate accounts for students and teenagers, and others offering different services for different purposes. Marketing is about understanding the customer’s needs and ensuring that products and services are of the highest possible standards in order to satisfy the potential customers wants and needs. Marketing also focuses on ways in which the business can influence the behaviour of customers. Marketing is essential to the success of all businesses. Its primary aim is to enable businesses to meet the needs of their actual and their potential customers and should be able to: It is very important to understand the needs and wants of customers. The needs of customers may vary between different groups of people. Customers needs include: Good customer service – This would include th ...