4.3.2 niche market

what is culture diversity

• recognition the ideas , customs , and social b of a particulare group in society in diffrent global markets .

what is customer interest

refers to preferences and cultural norms that customers . seek to maximise SR so need to understand preferences so can PS offer → sales → maximising profits

what is customer values

the perceived worth of a p/s to a customers , weighed against the cost they incur to ibtain it . it encopses the total benefit experiance , which includes p quality , emotional satisfaction . which is essential for buiding loyalty + enchnacing reputation .

• determined to understand what you will tolerate so they have behave ethically

What impact does international business communication have

• being sensative to cultural diversities in communication → smooth international b .

What is a global niche market

• small market in each country , but the combination of all countries together makes enough D to make the b profitable

• highly specialised + charectrostics by loyal customers + premium prices

what is the benefit of selling in a global niche markets

• having fewer comeptiores allowing b build tong relationship with consumers + increase loyalty

• charge premium prices due to uniqueness → higher profit margins

• as p are specialised + customer value them , D tends to be less sensative to price change → providing stable revenue streams

What is the drawback of selling In a global niche market

• if niche becomes profitable they attract larger MNCs with grater EOS + resources so diffuclt to complete for smaller b

• specialise p need unique production methods + expertise which increase unit cost

• operating in multiple markets makes communication , marketing + logistics diffuclt to mange → reducing effeicncy

Features of a global niche market ;

• Customer experience ; consumers pay higher prices so expect exceptional customer service

• Innovation ; highly difrenciated p + USP that meets need of target market

• Prioritising profit over MS ; niche markets are lucrative , b focus on profit so can reinvest into improving p/s

What is the pricing strategies in a global niche market

• this allows charge premium prices especially as p is more unique but ultimately depends on consumers perception

Place ( distribution ) in a global niche market

• niche p reach global audience through websites , agencies can be used , enter joint venture

• involves chossing distribution stragetie that is convenient for target audience

promotions in a global niche market

• promotion is contamination aspect of marketing functions

• promotions are more targeted + subtle , but must be able to reach across cultures being careful not to devalue brand image by disocunting

• Involves market strategies that resonates with target audience

Product in a global niche market

• can modify features of p to meet specific needs of target audience