Which of the Following Is True of Market Niches

question 18

Multiple Choice

Which of the following is true of market niches?

• A)They are usually large mass market segments.
• B)They are well-defined market segments.
• C)They are typically reached using mass communication such as advertising and publicity.
• D)They are not suitable for specialized goods.
• E)They include broader classes of buyers who have similar needs.

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Definitions:

Peak Efficiency

The state or condition in which a system or process operates at its maximum potential or effectiveness, utilizing resources optimally without waste.

Monopolistic Competitor

A market structure where many companies sell products that are similar but not identical, allowing for significant control over pricing and competition on factors other than price, such as quality and branding.

Perfect Competitor

A market scenario where numerous small firms are competing against each other, and no single firm has the market power to influence the price of its product.

Price Discrimination

The practice of selling the same product or service at different prices to different buyers, based on what the seller believes each market segment can afford.