Question

After years of using a mass marketing strategy, Precision Print Shop has responded to new competition from larger companies by focusing on small market segments that have been ignored by these competitors. Precision believes that by offering these market segments personalized customer service it can attract a loyal group of customers willing to pay premium prices. What is Precision's strategy known as:______.
a. environmental scanning.
b. niche marketing.
c. micro-marketing.
d. respondent change.

Answer 1

Answer:

b. niche marketing.  

Explanation:

Niche marketing is the subset or segment of the total market on which a specific product is focused.

The market niche defines the product features aimed at satisfying specific market needs which are the needs of the market segment on which the product is focused, as well as the price range, production quality and the demographics that it is intended to target. Niche market segments are usually a small market segment.

In the scenario it is stated that ''Precision Print Shop has responded to new competition from larger companies by focusing on small market segments'', implying that Precision Print Shop is now practicing niche marketing.

Answer 2

Answer:

b. niche marketing

Explanation:

Niche marketing is the type of marketing that involves promoting and selling a product and service to a particular section within a large market. Niche marketing focuses on specific market targets that will benefit from a particular product or service and not the entire market. This type of marketing strategy is highly cost effective.

Niche marketing helps a business to build their brand, it also helps a business to penetrate a particular section of the market and meet customers needs and desire.