Niche Marketing This is where companies focus on selling into a narrow market, as these costs can be kept low due to savings gained from specialization. IT is usually used by smaller companies as they can focus on creating a strong image and position in their niche. Even niche markets are usually ignored by larger multinationals, who are not interested in the low sales volume produced by a small segment. A good example is Rolls Royce, which specializes in the luxury car niche. Mass Marketing This is the exact opposite of niche marketing, in mass marketing a company will try to satisfy as much of the market as possible. However, this means that you have to ignore some areas of the market as you cannot satisfy the whole. Mass marketing usually involves marketing different products to different groups of people or promoting the same product through different means. An example of the first is the way banks work today, which have separate accounts for students and teenagers, while others offer different services for different purposes. Marketing is about understanding customer needs and ensuring that products and services are held to the highest possible standards in order to satisfy the wants and needs of potential customers. Marketing also focuses on ways in which the company can influence customer behavior. Marketing is essential to the success of all businesses. Its main objective is to enable businesses to meet the needs of their current and potential customers and they should be able to: It is very important to understand the needs and wants of customers. Customer needs may vary between different groups of people. Customer needs include: Good customer service – This includes after-service and the service provided when purchasing the goods. This could be friendly environments, return policies, clear advice and good services such as express checkouts. The company can consider its competitive markets and evaluate competitive prices to provide better service and better quality. They can use these strategies to meet the needs of their customers. They must have unique assets to stay ahead of the competition. For example, a game store can get the latest games so that more customers can come there because no one else will have them. The company will have to think about innovations that they could use to facilitate communication between suppliers, contractors and customers.