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Niche Marketing - Report

   

Added on  2020-07-22

9 Pages2670 Words40 Views
MarketingManagement

Table of ContentsINTRODUCTION......................................................................................................................1DISCUSSION............................................................................................................................1CONCLUSION..........................................................................................................................5REFERENCES...........................................................................................................................6

INTRODUCTIONAniche market refers to the subset of the market on which aparticular product is focused. The market niche define as the productfeatures that aims at satisfying specific customer needs, as well astheprice, production quality and thedemographics that is intended toimpact growth of business. A niche is a more narrowly defined customer group seeking adistinctive mix of benefits within a segment. Niche marketers avoid large markets and have afocus on targeting small market or niche. Niches have to perform various activities such ascreating niches, expanding niches, and protecting niches. Such business ventures are moreprofitable because of less competition and disinterest of part of big organization. Nichemarketing refers to the process of identifying and delivering profitable market segment andproducing customer demanded products as well as services. Niche marketers are generallydependent on business model in order to maintain their profits sales and revenue.The report has focus on developing understanding about niche marketing. It emphasizeson analyzing the reason for considering firm as niches. The project will include discussion onniches brand on firm.DISCUSSIONThe niche market is extremely specialized and intends to sustain among the Competition from numerous big organizations. Small investment provider usually opts for nice market with contracted demographics as to increase high rate of return on investment. In Niche market product quality is not based on price elasticity of demand. It is totally dependent on specific needsthat the particular good intends to satisfy and sometime it is based on brandrecognition.In present scenario Affiliate marketer used advance technology in order to promote their products and services. A broader niche has potential to face stiff competition. The selection of customer target group and market by niche firm is based on traditional beliefs, production philosophy. Organization makes few attempts to position their product in market. The business unit is dependent on their resources based advantages, good quality productspersonal relationships when competing in the marketNow-a-days, despite of many companies who look towards expanding their productportfolio by introducing more and more goods and services in their product portfolio, however,some entrepreneurs are interested in getting specialization in a specific sector or product, suchare called nichers (Wu and et.al., 2016). In other words, a niche market can be defined as amarket subset which focuses on certain specific products, goods and services and avoid focus onlarger market segments. Thus, they have a narrowed and small market with limited buyers whoare not adequately served by the existing suppliers. Therefore, there are limited competing firmsfrom which nichers face tough competition (Ottosson and Kindström, 2016). They performthree key tasks that are creating niches, its expansion and protection as well. 1

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