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Questions and Answers
What is the main factor that companies need to consider when deciding whether to compete in the mass market or a niche market?
What is the main factor that companies need to consider when deciding whether to compete in the mass market or a niche market?
- The level of competition
- The size of the market
- The right positioning to protect from competition (correct)
- The profitability of the market
What is the failure rate for new small businesses within two years of launch?
What is the failure rate for new small businesses within two years of launch?
- 60%
- 80%
- 40% (correct)
- 20%
Why is careful market analysis and intelligent positioning important for business success?
Why is careful market analysis and intelligent positioning important for business success?
- To establish a large market
- To avoid failure (correct)
- To minimize competition
- To increase profitability
What is the main challenge in dynamic markets?
What is the main challenge in dynamic markets?
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Are niche markets always profitable?
Are niche markets always profitable?
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Study Notes
- The market is where customers and suppliers interact.
- Companies must decide whether to compete in the mass market or a niche market.
- The key issue is establishing the right positioning to protect from competition.
- Failure rates for new small businesses are around 40% within two years of launch.
- Careful market analysis and intelligent positioning are important for success.
- Defining the market is crucial for business success.
- Dynamic markets are ever-changing, creating new opportunities and challenges.
- Niche markets may not always be profitable.
- Risk can be assessed and quantified, while uncertainty is constant and cannot be quantified.
- Examiners appreciate understanding the differences between similar terms.
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