Niche Marketing vs. Mass Marketing

Play an AI-generated podcast conversation about this lesson

Which type of businesses are more likely to be fine with high labour turnover?

Businesses that require skilled or specialized labor

Technology firms

Engineering firms

Fast food chains (correct)

What is the main reason why technology or engineering firms may prefer lower labour turnover?

For better company image

To reduce training and development costs (correct)

To increase employee satisfaction

To encourage competition

What is the main difference between voluntary dismissal and involuntary dismissal?

Employer's choice only applies in voluntary dismissal (correct)

Employee's choice only applies in involuntary dismissal

The control over the decision lies with the employer in both cases

Involuntary dismissal is always fair, while voluntary dismissal can be unfair

What is constructive dismissal?

When an employee resigns due to intolerable working conditions created by the employer Signup and view all the answers

Why might businesses like fast food chains find it easier to replace workers who leave?

Because of the low skill requirement Signup and view all the answers

Why do technology or engineering firms prefer lower labour turnover compared to businesses like fast food chains?

To avoid frequent retraining of highly skilled workers Signup and view all the answers

What is a key advantage of physical distribution channels according to the text?

Wide reach Signup and view all the answers

Which aspect is a disadvantage of physical distribution channels as mentioned in the text?

Inventory management Signup and view all the answers

What is the primary characteristic of online marketplaces highlighted in the text?

Easy access to products Signup and view all the answers

Which distribution channel is associated with selling products through social media platforms?

Social Media Signup and view all the answers

What is NOT mentioned as a disadvantage of physical distribution channels in the text?

Remote access Signup and view all the answers

Which distribution channel allows for immediate gratification according to the text?

Physical stores Signup and view all the answers

What is one major implication of high labour turnover on a company's recruitment costs?

Increased costs due to recruiting and training new employees Signup and view all the answers

Why does high labour turnover lead to reduced productivity in a company?

New employees take time to become fully productive Signup and view all the answers

What is a likely consequence of high labour turnover on employee morale?

Reduction in morale due to lack of job security Signup and view all the answers

How can increased experience and knowledge benefit a company?

By improving productivity and efficiency Signup and view all the answers

Why are employees who have been with a company for longer periods typically more productive?

Due to familiarity with the company's processes and procedures Signup and view all the answers

What can drive innovation and create new business opportunities for businesses?

Sustainable sourcing practices Signup and view all the answers

Which type of businesses are more comfortable with high labour turnover?

Businesses requiring a large number of temporary workers, like retail or hospitality Signup and view all the answers

Which of the following is NOT a common sustainability measure for businesses mentioned in the text?

Using non-renewable materials Signup and view all the answers

What is one way businesses can reduce costs by implementing sustainability measures?

Installing renewable energy systems Signup and view all the answers

Which aspect of supply chain management involves the delivery of goods and services to customers?

Delivery Signup and view all the answers

How can businesses benefit from green building design and construction?

Reduce costs on energy bills Signup and view all the answers

Why should businesses make sustainability a priority according to the text?

To create a more sustainable future Signup and view all the answers

What is a characteristic of niche markets?

High customer loyalty Signup and view all the answers

Why are niche products or services often priced higher?

Specialized nature of the market Signup and view all the answers

What is the primary goal of mass marketing?

Reach as many potential customers as possible Signup and view all the answers