It is the specialty part of a buying group.l
eg. Almost all women will buy handbags, but only a
small group will want or can afford a Coach handbag.
So the Coach handbag group is the niche market
Categorized | Affiliate Marketing 101
What Is Niche Market?
Posted on August 11, 2011.
Niche marketing can be defined as “to whom you are targeting or advertising” .
It Means marketing focus on a specified product and its feature alone and where it is usefull.
For Example if u are sales man selling medicines , You cant go to a cloth center to do business, you can go to pharmacies or to doctor to do your business.This is niche marketing.
Hope You Understood.
It is a marketing phrase where we could know all detail about the product such as its color, height, weight and where it can give profit when sold it out.
A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact.
For example: Rolex watches the niche would be a high priced luxury watch sold to someone who typically is wealthy
Also a niche can be a whole or gap in the market ( offering a product that is more unique then the competition)
FOR EXAMPLE say we are selling purses
Company A is selling a plain fabric purse
Company B is selling a fabric purse (higher quality) but may also offer pockets and a cell phone holder
Company C is selling a fabric purse (higher quality), with pcokets, cell phone holder and matching wallet
Well Companies A-C are all selling a similar products (fabric purses) even know they are offering different features we would offer something different as Company D
Company D (us) would sell a high quality leather purse with all the bells and whistles as company C….
Now we have the niche in the market because we are selling a unique item and offering something different then companies A, B and C….but still have the same features as Company C with the pockets, cellphone holder and matching wallet…..And in reality Company C will have a niche over B and B would have a niche over company A and we would have an overall niche over all three companies because we are offering a totally different purse….Basically comes down to changing and offering different features and benefits…
Hope this makes sense….
A niche market is a focused, targetable portion of a market.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. You can think of a niche market as a narrowly defined group of potential customers.For instance, instead of offering cleaning services, a business might establish a niche market by specializing in blind cleaning services.
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