niche

(noun)

an area in a market in which there are unmet needs that, when met, can lead to unique business opportunities

Related Terms

Examples of niche in the following topics:

  • Selecting Target Markets

    • Marketers have outlined four basic strategies to satisfy target markets: undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing, and micromarketing or niche marketing.
    • Niche marketing - In marketing, a niche refers to a service or a product that occupies a special area of demand.
    • Niche marketing is the process of finding market segments that are small but potentially profitable nonetheless.

  • Marketing by Individuals and Firms

    • Niche Strategy: A niche is an area in a market in which there are unmet needs that, when met, can lead to unique business opportunities.
    • Niche strategy involves finding customers under-served by current offerings.
    • An example of niche marketing is the online, self-help market in which businesses cater to highly specific aspects of peoples' lives for which they desire tips and advice.
    • Growth Strategy: This strategy aims to increase revenue from existing market niches and deliver better offerings to new target markets.

  • Defining the Target Market

    • " Or are you focusing your efforts on a tightly defined market niche with an identified need for your business' offerings?
    • Your job is to consider various subgroups and decide upon your niche market.
    • You reject these segments as unsuitable for your niche market.

  • Direct Marketing

    • Direct marketing has cleared the way for a number of competitors to enter markets on a global level and has increased product offerings to fill niche markets.

  • Everyday Low Pricing

    • Trader Joe's is a private-brand label that conducts a Niche marketing strategy describing itself as the "neighborhood store. " The firm has been growing at a steady pace, offering a wide variety of organic and natural food items that are hard to find, enabling the business to enjoy a distinctive competitive advantage.

  • Value-Based Pricing

    • Value-based pricing is most successful when products are sold based on emotions (fashion), in niche markets, in shortages (e.g., drinks at open air festival at a hot summer day) or for indispensable add-ons (e.g., printer cartridges, headsets for cell phones).

  • Identifying Prospects

    • Companies that are able to tailor their products or services to a specific niche market can develop a unique selling proposition (USP) in that particular market segment.

  • Databases

    • The resulting list can be merged with another list of women who are Hispanic and African American to further target this niche demographic.

  • Targeting Consumers Where They Spend Time

    • Personal information ranging from birthdays and profession, to family photos and multi-user gaming yield insightful intelligence for marketers looking to improve promotion to niche and hard-to-reach markets.

  • Business Marketing

    • As a niche in the field of marketing as we know it today, however, its history is more recent.