Finding the Right Niche Means Striking When the Iron is Hot
A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. Many a times marketers use internet based niche, segments to promote themselves. Meeting their unique needs is what should be overcome. Because what you offer to the niche segment will determine your stand hence providing unique products which possess potential should be provided. In addition to launching a unique campaign for the new niche, you may need to alter other, more basic elements, such as your company slogan if it translates poorly to another language. Before launching the product even though niche one you should try it on a sample of respondents. Hence test market is a good market.
Example:
Toyota was one of the first companies to realize there was a group of car buyers who would be very interested in environmentally friendly cars & the answer for this need came up with the legendary Prius. The Prius is the first mass production hybrid car. Where other car manufacturers saw Toyota taking a huge risk, Toyota saw it as an opportunity to identify a new niche and establish its brand in that niche. In marketing, it is often the first brand on the scene that takes the day.
Once you get into the niche dominating the same should be the aim of the firm, then cynosure should be on expansion and diversification. Catering to the niche segment provides you with elongated benefits like you can cater to distinct source of needs of consumers, people get ready to pay any price to things that provide them satisfaction, niche is a protected segment since competitors do not get easily attracted towards it, niche provides size profit & growth potential to the firm.
Point Of Differences
Traditional Marketing
Niche Marketing
Appeal to customer
Mass market appeal
Segment specific appeal
Objectives
It is an organized function and asset of process that delivering value to customer while benefiting its organizational stakeholders.
Satisfying consumer's needs and reaching to their expectations act as the major driving force.
Role of Price
Price act as a major tool while dealing with competition.
Price does not act as a major constraint.
Role of Information
Information is obtained for mass market to disseminate it for making broad marketing plan.
Data or information received from target specific statement is helpful while preparing appropriate market niche strategy.
Thus getting the niche covered by the realistic strategies and catering to the niche consumers in the best possible way can be the vision of any new entrant
A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. Many a times marketers use internet based niche, segments to promote themselves. Meeting their unique needs is what should be overcome. Because what you offer to the niche segment will determine your stand hence providing unique products which possess potential should be provided. In addition to launching a unique campaign for the new niche, you may need to alter other, more basic elements, such as your company slogan if it translates poorly to another language. Before launching the product even though niche one you should try it on a sample of respondents. Hence test market is a good market.
Example:
Toyota was one of the first companies to realize there was a group of car buyers who would be very interested in environmentally friendly cars & the answer for this need came up with the legendary Prius. The Prius is the first mass production hybrid car. Where other car manufacturers saw Toyota taking a huge risk, Toyota saw it as an opportunity to identify a new niche and establish its brand in that niche. In marketing, it is often the first brand on the scene that takes the day.
Once you get into the niche dominating the same should be the aim of the firm, then cynosure should be on expansion and diversification. Catering to the niche segment provides you with elongated benefits like you can cater to distinct source of needs of consumers, people get ready to pay any price to things that provide them satisfaction, niche is a protected segment since competitors do not get easily attracted towards it, niche provides size profit & growth potential to the firm.
Point Of Differences
Traditional Marketing
Niche Marketing
Appeal to customer
Mass market appeal
Segment specific appeal
Objectives
It is an organized function and asset of process that delivering value to customer while benefiting its organizational stakeholders.
Satisfying consumer's needs and reaching to their expectations act as the major driving force.
Role of Price
Price act as a major tool while dealing with competition.
Price does not act as a major constraint.
Role of Information
Information is obtained for mass market to disseminate it for making broad marketing plan.
Data or information received from target specific statement is helpful while preparing appropriate market niche strategy.
Thus getting the niche covered by the realistic strategies and catering to the niche consumers in the best possible way can be the vision of any new entrant