Niche Market
Introduction to Marketing Assessment | Niche Market | |
Niche, noun: a distinct segment of a market. A niche market is built in the market and focus on a specific product. So the market niche defines the specific product features aimed at their satisfying specific needs in market, and price range, production quality, as well as the demographics that is to be impacted. (wikipedia, 2007) Niche market is a more narrowly defined group which basis on getting interests. In a nutshell, niche marketing is not just a single product promoted, also involves one part of a market by serving. (Kotle) A niche can be partitioned off a larger market in many different ways. It can consist of a certain population group, such as aged 25-35 of women; a certain consumer psychology group, such as golfers; and specific needs, for example someone who need a solution for back pain. (Moc Muise, 2010) So as we can see, the niche market is highly professional markets which try to live in the competition from numbers of supper companies.
General speaking, there are at least five features in perfect niche market. First one is a narrow product market with a wide area, which has some ‘small gap’ for niche market. Second is a company from niche market has potential for sustainable development. Next is the company already has a good reputation to compete. Follow one is they should not afraid of strong contender. At the last, if there is not has a ruler in the industry, it will be a better environment for niche market. (ryan, 2011)
From above features, we can see when a company has exact target customers into niche market, they can more effectively and completely satisfy demands, which will bring more high marginal revenue.
As we can do a broad observe, almost industry have niche market. There are two different companies in different countries which are examples for niche market.
TCL is a successful electronics company in China. At the first the abbreviations is “Today, China,
Niche, noun: a distinct segment of a market. A niche market is built in the market and focus on a specific product. So the market niche defines the specific product features aimed at their satisfying specific needs in market, and price range, production quality, as well as the demographics that is to be impacted. (wikipedia, 2007) Niche market is a more narrowly defined group which basis on getting interests. In a nutshell, niche marketing is not just a single product promoted, also involves one part of a market by serving. (Kotle) A niche can be partitioned off a larger market in many different ways. It can consist of a certain population group, such as aged 25-35 of women; a certain consumer psychology group, such as golfers; and specific needs, for example someone who need a solution for back pain. (Moc Muise, 2010) So as we can see, the niche market is highly professional markets which try to live in the competition from numbers of supper companies.
General speaking, there are at least five features in perfect niche market. First one is a narrow product market with a wide area, which has some ‘small gap’ for niche market. Second is a company from niche market has potential for sustainable development. Next is the company already has a good reputation to compete. Follow one is they should not afraid of strong contender. At the last, if there is not has a ruler in the industry, it will be a better environment for niche market. (ryan, 2011)
From above features, we can see when a company has exact target customers into niche market, they can more effectively and completely satisfy demands, which will bring more high marginal revenue.
As we can do a broad observe, almost industry have niche market. There are two different companies in different countries which are examples for niche market.
TCL is a successful electronics company in China. At the first the abbreviations is “Today, China,