P6 – Describe the differences in the characteristics of a niche fashion retailer with those of a mass market Introduction
In this assignment I will describe the main differences between niche market retailers and those for the mass market. Identify two examples of each retailer and comment on positive factors including what each can do for the local economy. I will also explore any limitations of the retailer type and comment on how both can work together in a town centre location. Niche markets
A niche market is a section of the market where products are specific to this niche and focused at filling this gap. Niche markets are defined as being small segments of the market, where the specific product features are used to satisfy specific market needs but also taking the pricing, production quality into account along with the demographic that is impacted. In relation to fashion retail JD specialize in spots clothing whereas a company like TopMan sell’s fashionable men’s clothing, the niche market can be defined by its markets niche. A disadvantage is that a niche market has a narrower demographic which leads to elevated prices because of this. With a smaller demographic a niche market retailer would need to be more specialized to survive the influence from mass market retailers. An advantage of niche markets is they fill gaps in the market one popular example of this is mobile phones that created a need to the point that most people have one today. Some more established companies have created products for niche markets, such as The Cambridge Satchel Company has their bright colour satchels rather than brown black or grey leather to target a younger audience. Mass Market
A mass market retailer is a company that sells multiple products that are accustomed to many customer needs; supermarkets are a good example as they sell a wide variety of products and services. Examples that are fashion retailers would be Primark and Next, their target markets consist of large...
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