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.

How can a business identify a niche market?

What role does a unique selling proposition (USP) play in niche marketing?

Why is understanding the elasticity of demand important for niche marketing?