Niche Market
A niche market is the
subset of a market in which a specific product is focused on. It defines the
product features that aim at satisfying specific market needs, price range,
production quality and demographics of the targeted audience. It is considered as
a small market segment.
Every product cannot be
categorized by its market niche. It is highly specialized and aims in the
survival of the firm among various competitors.
Established companies
like Hewlett-Packard also create products for different niches like the
all-in-one machine for printing, faxing and scanning manufactured targeting
home office niche.
Product vendors and
other trade businesses are referred to as mainstream providers or otherwise
narrow demographics niche market providers which are colloquially shortened to
niche market providers.
Marketing a product or
service to a niche is much easier when compared to that of a broad market since
a niche has more elements in common be it in terms of needs, wants or
preferences. For example, selling handbags is a huge market and within it there
are students who want bags to carry their books, working lady for carrying
documents and so on. By understanding the needs of each niche, it can be used
during the process of your marketing and thus, the chances for attracting
buyers are more.
Common ways to define a
niche can be based on its price like high, moderate, discount; demographic
bases like gender, age, income level; quality level like premium, high, low;
interests; and geographic factors or a location.
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