Promoting Management Task 2
A distinct segment market also referred to as a marketplace is a concentrated, targetable part (subset) of any market sector. By description, then, a company that targets a niche marketplace is addressing a purpose for a products or services that is not being addressed by mainstream suppliers. A niche marketplace may be looked at as a narrowly defined number of potential customers. A definite niche market generally evolves out of a specific niche market, where potential demand can be not fulfilled by any kind of supply. These kinds of ventures happen to be profitable because of disinterest on the part of large businesses and/or lack of knowledge on the part of other small corporations. The key to capitalizing on a niche market is to look for or build a market niche which has customers who are available, that is developing fast enough, and that is not really owned by one founded vendor already (Wetzler 1). Niche marketing is the process of getting and providing profitable market segments and designing collection products or services for them. For big corporations those marketplace segments are often too small in order to provide them of course profitably as they typically lack economies of scale. Niche online marketers are often reliant on the loyalty business model to keep up a profitable volume of sales, this does mean that there is a gap in the market (Kotler 362). Market-nichers avoid significant markets trying to be the leader in a small marketplace or niche. Nichers have got three tasks: creating markets, expanding niche categories, and protecting niches. Multiple niching surpasses single niching. In this article I will recognize three " nichers" (firms and/or brands) and make clear why they can be " nichers" based upon the criteria in the section (Kotler 363). A niche is actually a more directly defined buyer group seeking a distinctive mix of benefits. Marketers usually recognize niches by dividing a segment in to subsections. A good niche is usually characterized as follows: The customers inside the niche have got a distinct group of needs; they are going to pay a...
References: Wetzler, A. (2007). Search Target: Niche Internet marketers Experiment. Gathered November twenty four, 2007, via OMMA The web magazine, of media marketing and advertising. Website:. http://publications.mediapost.com/index.cfm?fuseaction=Articles.showArticle&art_aid=56202
Philip Kotler, Kevin Side of the road Keller. (2007). Marketing Administration, 12e. Prentice Hall.
Campbell, A. Examples of niche marketing. Recovered May twenty-four, 2005 Web page: http://www.smallbiztrends.com/2005/05/example-of-niche-marketing.html
Tips on how to Identify and Reach Specific niche market Markets for Your Business Website: http://www.allbusiness.com/marketing/segmentation-targeting-niche-marketing/1964-1.html