Niche Marketing

* Market segment: Group of consumers who respond in a similar way to a given set of marketing efforts.

Niche Markets: Reach people in a space where they’re already comfortable and spending their time. By choosing the right platforms and groups, you can invest your time in developing relationships with exactly the right markets, such as Facebook groups who all like American cuisine or something similar.

A marketing strategy provides a big picture of what a firm can do in a specific market. When creating a marketing strategy, a firm must identify a target market and a related marketing mix. A target market is "a group of similar customers to whom a firm wishes to appeal," and a marketing mix is "the controllable variables the company puts together to satisfy this target group." (Perrault and McCarthy 36) Focusing on specific target customers can help a firm develop a marketing mix that satisfies those customers ' specific needs better than another firm, making a firm less likely to face direct competitors.

On the other hand, prices are the most insignificant buying criterion in High End, Performance and Size segments. No matter how high the prices are, customers in these segments are more preferable to high-tech product. In particular, for the High End and Size segments, ideal position occupies 43% and products’ ideal age is 29%. Furthermore, reliability is the most important consideration to customers in Performance segment. Hence, Niche Differentiation is a proper alternative for these three segments.

A market segment is composed of customers who have a similar response to a certain type of marketing. Home Depot chose to market primarily to the nonprofessional, private individual. In the cosmetics industry, one segment reacts positively to luxuriously packaged, expensive

In simple terms, niche (marketing) can be defined as fulfilling the needs of a tightly-defined market segment (Kotler and Keller 2006).

Carving out a niche market is an effective way to achieve and maintain popularity,

As you do the work of identifying your marketing niche, you'll begin to understand what types of personal growth your potential clients are seeking. In your marketing materials, frame your product or services so that your ideal clients see how you will help them achieve their growth goals.

After segmenting the market there is a need to narrow down to a specific target, this achieved through target marketing, which breaks down the clientele into primary, secondary and tertiary categories (Dibb & Simkin 1996). From the empty seats in the restaurant it could be true that City Grill employs niche marketing to reach its target group. Niche market in simple terms is selecting a small group within a large group. By offering steak as their main delicacy they have specialized in a small group or a niche in the extensive restaurant industry.

A specialization strategy focuses on a narrow market segment or niche and pursuing either a differentiation or cost leadership strategy in that market segment according to Jean Phillip and Stanley Gully. To be successful, businesses following a specialization strategy are required to know their market segment very well, and often enjoy a high degree of customer loyalty. The company can be successful using this strategy if it results in either lower costs than competitors serving the same niche or an ability to offer customers something that other competitors cannot.

According to Phillip Kotler, a niche is a narrowly defined customer group. Niche markets primarily consist of market segments within the larger market place who have similar demographic, psychographic, buying behavior and/or lifestyle characterics. The Fenix Group started with two entrepreneurs, Anthony Keung (Chinese) and Masaaki Ogino (Japanese) who shared the same business philosophy, which is aiming at niche markets, that most times are left untouched or under-served.

The focused low cost strategy purposed to create a price advantage for the company. Usually, a company that use this kind of strategy more focus on a specific market niche, offering products to a narrow market segment instead of a broad one. The company then aims to be the cheapest supplier in the particular niche but not necessarily in the overall market.

This process helps a firm or organisation in focusing its marketing effort towards a specific segment or a group of segments. Depending on the product, organisational goals, the size of the firm and the marketing resources available a firm may target only one ‘niche’ segment or alternatively focus on several related segments. Another method can be to start with one segment and add more when business grows successfully. Large companies often target all market segments and try to serve them by offering a large variety of products to suit all their needs, wants and demands.

In Blogging, once we are going for a specific topic then instead of using the word Topic we can use the word Niche. Many Pro-bloggers are using the word niche instead of the word issue. When I was a beginner in the field of SEO as well as blogging, I wondered what the niche is a huge thing and as like pro-bloggers used the word. Although now, Let me explain to you what niche is? A Niche can be described as when we have created a blog only on a single topic like I am running my blog and it is almost about SEO and internet marketing only, so the niche of Blog is SEO and internet marketing and if someone is running a blog about development, then they have different Niche. A niche can be around SEO,

By using Marketing strategy, organizations concentrate their resources on the greatest opportunities to increase sales and maintain a competitive advantage in its market (Wickipedia, pg1).Market segmentation is the process companies use to divide their market into groups of buyers and establish marketing tailored to individual groups. Market targeting is the process of actually choosing the market which poses the greatest profitability. Positioning involves product placement and helps marketers highlight their product over a competitor. The