Niche Marketing

Marketing Management Assignment 2 A quoin grocery store also known as a target commercialise is a focused, targetable portion (subset) of a food market sector. By definition, then, a business that focuses on a ceding back market is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market may be thought of as a narrowly defined group of capability customers. A distinct niche market usually evolves out of a market niche, where potential demand is not met by any supply. Such ventures argon profitable because of disinterest on the part of coarse businesses and/or lack of aw atomic number 18ness on the part of other undersize companies. The key to capitalizing on a niche market is to stripping or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by i established vendor already (Wetzler 1). Niche marketing is the exercise of finding and serving profitable market segments and designing custom-made products or services for them. For big companies those market segments are oft too fine in order to serve them profitably as they oft lack economies of scale.

Niche marketers are often reliant on the loyalty business model to retain a profitable volume of sales, this also means that there is a gap in the market (Kotler 362). Market-nichers avoid large markets and try to be the leader in a small market or niche. Nichers have three tasks: creating niches, expanding niches, and protecting niches. two-fold niching is preferable to single niching. In this essay I depart identify three nichers (firms and/or brands) and explain why they are nichers based upon the criteria in the chapter (Kotler 363). A niche is a more than narrowly defined customer group seeking a distinctive mix of benefits. Marketers usually identify niches by dividing a segment into subsections. An attractive niche is characterized as follows: The customers in the niche have a distinct set of needs; they... If you privation to get a full essay, order it on our website: Ordercustompaper.com

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