Niche Marketing - 1154 Words

Marketing Management Assignment 2 A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market may be thought of as a narrowly defined group of potential customers. A distinct niche market usually evolves out of a market niche, where potential demand is not met by any supply. Such ventures are profitable because of disinterest on the part of large businesses and/or lack of awareness on the part of other small companies. The key to capitalizing on a niche market is to find or develop a market niche that†¦show more content†¦Another example of a market-nicher is eternityweddingbands.com. EternityWeddingBands.com is an online retailer of wedding rings. The site launched in 2003 in the competitive jewelry industry. For the first year, they did very little SEO (Search Engine Marketing ) or SEM (Search Engine Optimization), as they devoted their resources to refining the site and the inventory. Most sales were word-of-mouth. Through a combination of SEO and SEM, along with a blog, they increased revenues by 66 percent from 2004 to 2005 and another 25 percent from 2005 to 2006. Although Eternity s revenue would be a blip on the screen for a large jeweler, they are very profitable and on an impressive growth track. Company president Claire Simon notes that one of the key drivers to the company s success is the narrowness of its product offering. By focusing on a particular segment of the jewelry industry, we have been able to fly under the radar of the larger competitors and concentrate our limited marketing expenditures on a handful of highly relevant keywords. This philosophy has enabled Simon to bridge the gap between the keyword being searched and her product offerings - a task many larger retailers often struggle with (Campbell 2). Another success story of a market- nicher is that of Chronicles Software Company (lifejournal.com), which created journal software to replace the hardbound diaries people have used for years. Their audience is narrow andShow MoreRelatedNiche Marketing1791 Words   |  8 Pagesï » ¿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 forRead MoreBarco Projection Systems (a): Worldwide Niche Marketing Essay1755 Words   |  8 Pagesintroduced BD400 (scan rate of 16 to 45 kHz priced at $14,500) and immediately next year came out with BD600 (scan rate of 16 to 45 kHz priced at $12,000) and BV600 (scan rate 16 kHz priced at $8,750). Barcos main strategy was to work in niche markets and they believed that complexity of the application would work to their advantage by keeping large firms out of market. They had a traditional strength in electronics and given the same tube and lens combination, BPS could achieve better performanceRead MoreBarco Projection Systems (A): Worldwide Niche Marketing Essay example1682 Words   |  7 Pagesintroduced BD400 (scan rate of 16 to 45 kHz priced at $14,500) and immediately next year came out with BD600 (scan rate of 16 to 45 kHz priced at $12,000) and BV600 (scan rate 16 kHz priced at $8,750). Barcos main strategy was to work in niche markets and they believed that complexity of the application would work to their advantage by keeping large firms out of market. They had a traditional strength in electronics and given the same tube and lens combination, BPS could achieve better performanceRead MoreThe Concept Of Niche Marketing995 Words   |  4 Pagestheir clients as well. Therefore, the ideology of uniqueness, challenges the concept of niche marketing. If every person is unique, how can one, target groups? One response to that question is that, even though humankind is diverse, everyone has connecting themes: dreams, passions, and ideas, defining experiences. Emphasizing these connecting topics and qualities is the way to add more meaning to the marketing message and to create a more profound connection with the client. Among the coaches, mostRead MoreAffiliate Marketing : The Causes And Uses Of Writing On A Niche Blogs1077 Words   |  5 Pages1) Start a niche blog Be sure to write about a profitable niche that you are not only familiar with but one that you have a passion for, one that you can see yourself writing about for years to come; it could be anything from food to travel. More importantly, select the right domain and tailor your blog to your target audience with relevant and timely content. Once it gets going, which could take a while so some patience is of the essence, you could sell advertising space and eBooks or even developRead MoreParamount Must Develop A Marketing Strategy1034 Words   |  5 PagesProblem Statement: Paramount must develop a marketing strategy to decide on positioning their new product â€Å"Clean Edge† in niche or the mainstream market and avoid cannibalization of their own line of products. 2. Situation Analysis: Company †¢ Global company with worldwide sales of $13 billion and $7 billion gross profits for 2009. †¢ Entered the market of non-disposable razors in 1962 and quickly became a respected brand. †¢ Paramount currently offers two lines of non-disposable razors andRead MoreClean Edge Essay1630 Words   |  7 PagesEdge as a niche product A primary of launching the Clean Edge as a niche product is that the company would incur a lot less cannibalization of its Pro and Avail product lines, which allowed Paramount to capture the unit-volume market-leader position in 2009. Though a cannibalization rate of 35% is expected with the launch of Clean Edge as a niche product, the rate is significantly lower than the 60% expected if Clean Edge was positioned as a mainstream brand. As Rosenberg indicated, a niche positioningRead MoreColgate-Palmolive Case Study.1235 Words   |  5 Pagessuffer. CP has a unique toothbrush that is sure to be successful in toothbrush market once it the product launches, Precision. There are several issues that CP must address in order to gain full-potential market penetration for the new Precision. A marketing mix must first be created to ensure full-potential market penetration. Also Precision needs to be communicated and branded, and to the consumer in such a way that it is more desirable than ot her toothbrushes on the market. Then an advertising andRead MoreMarch 2003 and Market Niche Essay examples1467 Words   |  6 Pagesstrategy that the company adopted may be the market niche. Market niche is a strategy adopted when there is a small market segment for which the products are specially designed. (Appendix A) As the case demonstrates, the brand was once the leader of the low-proof alcohol market in the UK, so the brand should be specifically designed for the people who prefer the taste of the low-proof alcohol. It is one sign of the market niche. (Appendix B) Market niche is also a strategy adopted by the companies whichRead MoreSegmentation, Targeting, Positioning1614 Words   |  7 PagesPrinciples of Marketing TARGET MARKETING: Market Segmentation, Targeting and Positioning Introduction 1. To succeed in today’s competitive marketplace, companies must be customer-centered, wining customers from competitors and keeping them by delivering greater value. a. Sound marketing requires a careful, deliberate analysis of consumers. b. Since companies cannot satisfy all consumers in a given market, they must divide up the total market (market segmentation), choose the best