Niche Marketing
Niche Marketing
I. Niche market and niche marketing.
1. Definition
Niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment
Niche marketing is a portion of market that you have identified as having some special characteristic and that is worth marketing for.
On the other words, niche marketing is to concentrate all marketing efforts on a small but specific and profitable defined segment of the market. While niche markets are focus, they are not necessary small. Many niche brands already represent several million dollars in annual sales. Capturing a portion of the market for a product or service that appeals to only 11% of the U.S. population can be huge. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond. Within each general product category there are commonly several consumer groups that could be better served with more specialized products. Major brands often create brand extensions to serve these niches. For example, in term of Coca-Cola Company, the Coca-Cola Classic is most popular one but the brand serves those with special dietary or taste preferences with such beverages as Caffeine Free Diet Coke, Cherry Coke, Coke Zero, Diet Coke with Lime, Diet Black Cherry Vanilla Coke, Caffeine Free Coke Classic, Black Cherry Vanilla Coke, Diet Coke with Splenda, Coke C2, Coke Blak, Vanilla Coke, Diet Vanilla Coke, and Diet Coke with Lemon. Similarly, niche products appear around our life in many aspects. For example, for food buyer aspect, organic food is the example of niche products because they are more expensive, but better quality and better for environment. From here, there are many people misunderstand that ‘All expensive products are niche’. They are
I. Niche market and niche marketing.
1. Definition
Niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment
Niche marketing is a portion of market that you have identified as having some special characteristic and that is worth marketing for.
On the other words, niche marketing is to concentrate all marketing efforts on a small but specific and profitable defined segment of the market. While niche markets are focus, they are not necessary small. Many niche brands already represent several million dollars in annual sales. Capturing a portion of the market for a product or service that appeals to only 11% of the U.S. population can be huge. As a strategy, niche marketing is aimed at being a big fish in a small pond instead of being a small fish in a big pond. Within each general product category there are commonly several consumer groups that could be better served with more specialized products. Major brands often create brand extensions to serve these niches. For example, in term of Coca-Cola Company, the Coca-Cola Classic is most popular one but the brand serves those with special dietary or taste preferences with such beverages as Caffeine Free Diet Coke, Cherry Coke, Coke Zero, Diet Coke with Lime, Diet Black Cherry Vanilla Coke, Caffeine Free Coke Classic, Black Cherry Vanilla Coke, Diet Coke with Splenda, Coke C2, Coke Blak, Vanilla Coke, Diet Vanilla Coke, and Diet Coke with Lemon. Similarly, niche products appear around our life in many aspects. For example, for food buyer aspect, organic food is the example of niche products because they are more expensive, but better quality and better for environment. From here, there are many people misunderstand that ‘All expensive products are niche’. They are