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Benefits of Niche Marketing

Some fo the benefits of niche marketing are as follows. So let us check it out its benefits to know more about niche marketing.

Points on benefits of niche marketing are :

  1. Niche market can be identified and premium price can be charged for highly differentiated products which are highly valued by the target niche market
  2. Loyal customer base can be established if the company is the first to exploit a niche market. 
  3. Niche market in future may grow into mass market.
  4. Little or very low competition is seen while focusing on niche market.
  5. Niche market product are not very price sensitive so higher profit is possible.
  6. In niche marketing, Small firms are able to survive and can earn profits even in the markets that are dominated by the large firms.

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Essential Steps to develop the Niche Marketing Strategy

Some of the important steps to develop the niche marketing strategy are discussed below. There are many niche marketing strategies available, all of them can make money  to get success in business. Some of the essential niche marketing strategies to grow your business are as follows. Also check it out advantages and disadvantags of niche marketing to know more about it.

What is Niche Marketing?

The term "Niche" can be defined as a "A special area of demand for a services or a product", While marketing is dened as an opportunity to buy or sell products or services.

Niche marketing can be explained as buying or selling of a product or service in a special area of demand. 

In niche marketing small segments of large market are identified and campaign is designed to target audience by providing specific solutions to them.

Niche marketing need to be different, need to be specialize and be able to stand out from the crowd.


What is Market economy ? Advantages and Disadvantages of Market Economy

Check out Advantages and disadvantages of market economy (capitalism) given below. So let us find out some points on advantages and disadvantages to know more about market economy. This type of economy is nearly free fro governement interference, Economy is based on private ownership where individual control the production, distribution and sales of goods and services.