Question

Explain in detail Niche marketing.

Answer 1

• “Niche marketing“ denotes a strategy of directing all marketing efforts towards one well-defined segment of the population.
•  Actually, there is no market in a niche market.
•  It is found by the company, by identifying the need of customers who are not served or underserved by the competitors.
• It involves a specific target audience with a specialized offering.
•  It aimed at being a big fish in a small pond instead of being a small fish in a big pond.
•  [eg] Not everybody wants to watch the movie by paying 5x-6x times the cost of the normal tick.