Mass Marketing vs. Niche Marketing: Which Strategy is Best for Your Business?

The video tutorial discusses two main marketing strategies: mass marketing and niche marketing. Mass marketing targets a large customer base with generic products, aiming for high sales and international success, exemplified by Coca-Cola. However, it faces challenges like production scale and competition. Niche marketing focuses on specialized products for a smaller audience, offering unique selling propositions (USPs) and potentially higher prices due to inelastic demand. The success of niche marketing depends on market size, demand elasticity, and the company's ability to innovate, as illustrated by Haagen Dazs in the ice cream market.

What are the two main types of marketing campaigns discussed?

• Mass marketing and digital marketing

• Niche marketing and social media marketing

• Digital marketing and traditional marketing

• Mass marketing and niche marketing

Which company is cited as an example of a successful mass marketing strategy?

• Coca-Cola

• Nestle

• Pepsi

• Unilever

What is a key challenge of mass marketing campaigns?

• Lack of a unique selling proposition

• Limited customer base

• Difficulty in product customization

• High production costs

What is essential for a product in a niche marketing campaign?

• Low production cost

• High demand elasticity

• Mass appeal

• Unique selling proposition

How do businesses identify a niche market?

• By increasing advertising

• By reducing prices

• By designing a unique product and finding a specific market

• By copying competitors

What factor can make a niche market more lucrative?

• Low production cost

• High competition

• Elastic demand

• Inelastic demand

What must a business consider when entering a niche market?

• The availability of raw materials

• The cost of advertising

• The number of competitors

• The size of the market