We will know about What is niche marketing?
What is niche marketing?
In simple words, ” It is the business of promoting and selling a product or service to a specialized segment of a market.”
A niche is a more narrowly defined group seeking a distinctive mix of benefits. Marketers usually identified niches by dividing a segment into sub-segment. For example, the segment of heavy smokers includes two niches. Those who are trying to stop smoking and those who don’t care.
In an attractive niche, customers have a distinct set of needs. They will pay a premium to the firm that best satisfies their needs. The niche is not likely to attract other competitors. Hence, the niche gains certain economics through specialization and the niche has size, profit, and growth potential.
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