What Is Segmentation, Targeting and Positioning

Evaluate and compare how each niche distinguishes itself from its competitors in terms of market size, opportunity for advertisement, market need, and ability to sustain the business long term.

According to your text, ____ are small technology-based firms operating in international markets within two years of their establishment and realizing as much as 70 percent of their sales outside the domestic home market.

Niche Markets: Reach people in a space where they’re already comfortable and spending their time. By choosing the right platforms and groups, you can invest your time in developing relationships with exactly the right markets, such as Facebook groups who all like American cuisine or something similar.

How should this market be segmented? Identify the key segmentation variables that are relevant for this market.

| Customer segments:3.12-B2C: connecting people with people, everywhere permitted (68)3.13-B2B: marketers, free channels; advertisers with budget, solutions to audience; developers with resource, offer platform(69)

Niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment

Firms pursuing a specialization strategy often try to develop a competitive advantage based on customer intimacy and try to deliver unique and customizable products or services to meet their customer’s needs and increase their

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

A market niche is smaller companies that are able to compete with competitors that are on a bigger scale. Smaller companies can specialize in certain aspects and adapt to cultural changes faster than a larger company can. Compared to a larger company, smaller companies have the upper hand in specializing in certain aspects. What makes Taza unique is that they are leaders of the organic product in the chocolate industry. The companies that they have

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

This process helps a firm or organisation in focusing its marketing effort towards a specific segment or a group of segments. Depending on the product, organisational goals, the size of the firm and the marketing resources available a firm may target only one ‘niche’ segment or alternatively focus on several related segments. Another method can be to start with one segment and add more when business grows successfully. Large companies often target all market segments and try to serve them by offering a large variety of products to suit all their needs, wants and demands.

Finally, a segment focus involves targeting a more limited customer base. Rather than adapting a product or service, a company using this strategy chooses to accept the reality that without modification, their products will appeal to a smaller market segment or different distributor network from those in the domestic market. Many luxury good manufacturers use this approach.

According to Phillip Kotler, a niche is a narrowly defined customer group. Niche markets primarily consist of market segments within the larger market place who have similar demographic, psychographic, buying behavior and/or lifestyle characterics. The Fenix Group started with two entrepreneurs, Anthony Keung (Chinese) and Masaaki Ogino (Japanese) who shared the same business philosophy, which is aiming at niche markets, that most times are left untouched or under-served.

Market segmentation was to dividing a market into distinct groups of buyers with different needs, charactistics or behaviour who might require separate products or marketing mixes, the company will first

products or product lines depending on the specific demand and attributes of the target segment.