March 2003 and Market Niche Essay examples

10. Conducting a Market Opportunity Analysis (MOA) is the first step in developing a marketing strategy.

The strong competition among rivals pursuing a similar strategy is vastly based on product differentiation and a niche market attraction, as companies are constantly working to surpass their competitors and seek to provide just what certain consumers want.

Ferrell & Hartline defines niche marketing as a narrowed concentration approach and focused marketing efforts on one small, well-defined market segment or niche that has a unique, particular necessity (2014, p.132). In the case of the IndyCar fan bas demographic, the niche they chose to focus on was men ages 18-34; the targeted age category is described as abandoning the idea of middle aged Midwestern men, while building a brand that was young and hip (2014, p.442).

In simple terms, niche (marketing) can be defined as fulfilling the needs of a tightly-defined market segment (Kotler and Keller 2006).

Carefully evaluate the pros and cons of the segment markets and determine the market where the product has definite advantages over other

Once a company has established a niche in order to maintain a competitive advantage they must

Part 2: During the same time period, why was bottling less profitable than concentrate manufacturing?

Market Nicher- This can be a company focussing on the smaller part of the economy but a crucial one as well. For example, Omega3 capsules can be taken as the primary product for a company of small scale rather than a very big multinational. This is also in favour for the small company because, it would be the only one in this market and would not have to bother about competition from the giants since they have a big share of the bigger

One of the limitations of niche marketing is that this market strategy is not suitable for long term business because of the fact that niche does not offer sufficient business. In case if one`s business has to rely on selling large quantity or large number of products then niche marketing is not a place to business.

Niche strategy: Using a niche market and then becoming the best in that market can also increase competitive advantage (Turban et al. 2001:92-104).

and tested by a small part of the total market. The aim of this is

JoBDeK Research will perform research to collect and compile data regarding the Blackhawk Technical College Financial Aid Department’s service and favorability among current students. Our goal is to answer the question “What are students’ attitudes towards the Financial Aid Department at Blackhawk Technical College?” We will be looking for satisfaction and dissatisfaction

* Entrepreneurial strategy tends to take the form of a niche which is a specialized but profitable segment of the market. It protects the organization niche from the forces of open and direct competition.

There are also some risks for each strategy. Upholding cost leadership can be risky because of the requirement of frequent capital investment to sustain cost advantage, then cost surges narrow price differentials and diminish ability to compete with other’s brand royalty. Differentiation strategy has some threats, such as imitation decreases alleged differentiation, buyers need for differentiation falls. Meanwhile, the risks for focus or niche strategy are the differences in preferred products or services between the strategic market and target as a whole narrows, the cost discrepancy between wide ranged competitors and the focused firms broadens to eradicate the cost advantages of allocating a narrow target or to offset the

By evaluating the market potential in terms of revenues, attractiveness of the market could be assessed. The revenue and profit potential in terms of revenues that can be judged on the basis of the level of initial investment required in establishing the operations, the gestation period, the industry structure, and the number and degree of obstacles that the company must face besides competition that is the macro environmental factors.