Question

What is the difference between a small/specific part of a larger market and products that are standardized and sold in large quantities?

1) A small/specific part of a larger market focuses on niche markets and caters to specific customer needs, while products that are standardized and sold in large quantities are mass-produced and target a broader customer base.
2) A small/specific part of a larger market refers to products that are customized for individual customers, while products that are standardized and sold in large quantities are generic and not tailored to specific customer requirements.
3) A small/specific part of a larger market refers to products that are exclusive and high-end, while products that are standardized and sold in large quantities are affordable and accessible to a wide range of customers.
4) A small/specific part of a larger market refers to products that are innovative and unique, while products that are standardized and sold in large quantities are conventional and lack novelty.

Answer 1

A small/specific part of a larger market focuses on niche markets and caters to specific customer needs, while standardized products are mass-produced and target a broader customer base.

Step-by-step explanation:

A small/specific part of a larger market focuses on niche markets and caters to specific customer needs, while products that are standardized and sold in large quantities are mass-produced and target a broader customer base.

For example, let's consider the market for footwear. A small/specific part of this market could be specialized running shoes that are designed for marathon runners. These shoes are made to meet the specific needs of professional athletes and cater to their specialized requirements. On the other hand, standardized shoes like basic sneakers or flip flops are produced in large quantities and sold to a broader range of customers.