What is Niche Marketing? Definition of ... - The Economic Times

A niche market does not mean a small market, but it involves specific target audience with a specialized offering. By doing so, the company becomes a market ... Nifty17,185.70171.35Infosys1,474.2554.35ProInvestingbyAdityaBirlaSunLifeMutualFundInvestNowMiraeAssetHybridEquityFundDirect-Growth11.92% InvestNowMarketWatchSearch+HomeETPrimeMarketsNewsIndustryRISEPoliticsWealthMutualFundsTechJobsOpinionNRIPanacheETNOWMoreBusinessNews›Definitions›Marketing›NicheMarketingCategoriesGlossaryEconomyInsuranceEquityTransportationSPORTSSpaceTechnologyEntertainmentAstronomyAnalyticsCommodityEducationFinanceHuman-ResourceMutualFundMathematicsReal-EstateMarketingSecurityShippingRetailHRSoftware-DevelopmenttestingBudgetBusinessSuggestanewDefinitionProposeddefinitionswillbeconsideredforinclusionintheEconomictimes.comMarketingPREVDEFINITIONNetworkMarketingReadMoreNEXTDEFINITIONPenetrationPenetrationdefineshowmanyusersarethereforaproduct.ReadMoreWhatis'NicheMarketing' Definition:Nichemarketingisdefinedaschannelingallmarketingeffortstowardsonewell-definedsegmentofthepopulation.Thereisoneimportantthingtounderstandthat‘niche’doesnotexist,butiscreatedbysmartmarketingtechniquesandidentifyingwhatthecustomerwants. Description:Nichemarketingisamarketingtacticdeployedtotargetaspecificmarketsegmentwhichisunique.Nichemarketisoftencreatedbyidentifyingwhatacustomerwantsandthiscanbedoneifthecompanyknowswhatthecustomerneedsandthentriestodeliverabettersolutiontoaproblemwhichwasnotpresentedbyotherfirms.Anichemarketdoesnotmeanasmallmarket,butitinvolvesspecifictargetaudiencewithaspecializedoffering.Bydoingso,thecompanybecomesamarketleaderanditbecomespossibleforotherfirmstoenterthatparticularsegment.Forexample,therearevariouscinemahallsacrossIndia,buttherearefewwhichhavereclinerseatstooffer.Noteverybodywantstowatchamoviebypaying5x-6xtimesthecostofanormalticket.Hence,thetargetaudienceisverydifferentandthehallisalsoonlyopenatplaceswherethecompanyfeelsthatitwouldbeabletotapintotargetaudienceespeciallyinposhareas. Therearevariousadvantagesofnichemarketing.Oneofthebenefitsofnichemarketisthatthereisnoorlittlecompetitionunderthatsegment.Thecompanyisvirtuallythemarketleaderandenjoyspricemonopoly.Theanotherbenefitisthestrongrelationshipwiththecustomersbecauseofthefactthatthecompanyoperatesinasmallsegment,therelationshipbetweenthecompanyandthebrandbecomesstrongerwhichisalsoakeytocustomerloyalty.Nichebusinessesareoftenhighmarginbusiness.Customersdonotmindpayingalittleextrabecause,theyareonlyabletogetthatserviceinthatcompanyorunderitsbrand. NICHEMARKETINGMARKETINGNICHEMARKETSEGMENTSMARTMARKETINGTECHNIQUESPREVDEFINITIONNetworkMarketingReadMoreNEXTDEFINITIONPenetrationPenetrationdefineshowmanyusersarethereforaproduct.ReadMore5ForcesAnalysisOfTheEnvironmentThefiveforcesmodelofanalysiswasdevelopedbyMichaelPortertoanalyzethecompetitiveenvironmentinwhichaproductorcompanyworks. Description:Therearefiveforcesthatactonanyproduct/brand/company: 1.Thethreatofentry:competitorscanenterfromanyindustry,channel,function,formormarketingactivity.Howbestcanthecompanytakecareofthethreatofnewentrants? 2AdvertisingAdvertisingisameansofcommunicationwiththeusersofaproductorservice.Advertisementsaremessagespaidforbythosewhosendthemandareintendedtoinformorinfluencepeoplewhoreceivethem,asdefinedbytheAdvertisingAssociationoftheUK. Description:Advertisingisalwayspresent,thoughpeoplemaynotbeawareofit.Intoday'sworld,advertisinguseseverypossiblemediatoAdvertorialAnadvertorialisaformofadvertisementinanewspaper,magazineorawebsitewhichinvolvesgivinginformationabouttheproductintheformofanarticle.Usually,abrandpaysthepublisherforsuchanarticle. Description:Advertorialsareadvertisementsthatappearinthemedia,beitmagazines,newspapersorwebsites.Advertorialsarepaidcontent. TheyareusedbymarketerstoeducaAffiliateMarketingervedthetags'affiliatelinks'or'sponsoredposts'onwebsitesbefore?Orhaveyouwonderedifitmightbepossibletoearnmoneyanytime,fromanywhere?Well,thatistheconceptbehindaffiliatemarketing.Affiliatemarketingisaconceptwhereanaffiliatewhoenjoysaproductandpromotestheproductsontheirsocialplatformsreceivesaprofitwheneverasaleismade.DidyouknowthataffAmbientAdvertisingAmbientAdvertisingisaboutplacingadsonunusualobjectsorinunusualplaceswhereyouwouldn’tusuallyexpecttohaveanadvertisement. Description:Ambientadvertisingevolvedasaconceptbecauseithasalastingimpactonthemindsofconsumerswhichmakesitmoreeffective.Ambientadvertisingisallaboutcreativity,andhoweffectivelytheadvertiserisabletocommunicatethemessageAmbushMarketingAmbushmarketing,atermfirstcoinedbymarketingguruJerryWelsh,hasnotreallybeenrigorouslydefined.However,itbroadlyreferstoasituationinwhichacompanyorproductseekstorideonthepublicityvalueofamajoreventwithouthavingcontributedtothefinancingoftheeventthroughsponsorship.Itistypicallytargetedatmajorsportingevents-liketheOlympicGamesortheworldBehaviouralSegmentaionBehavioralsegmentationisamorefocusedformofmarketsegmentationthatgroupsdifferentconsumersbasedonspecificbehavioralpatternstheydisplaywhenmakingbuyingaproduct. Description:Behavioralsegmentationclassifiesorganizationsandindividualsintodifferentcategoriesbasedonhowtheyactorbehavetowardsproducts.ItinvolvesclassifyingconsumersorgroupingthembasedonBlueOceanStrategy'BlueOceanStrategyisreferredtoamarketforaproductwherethereisnocompetitionorverylesscompetition.Thisstrategyrevolvesaroundsearchingforabusinessinwhichveryfewfirmsoperateandwherethereisnopricingpressure. Description:BlueOceanStrategycanbeappliedacrosssectorsorbusinesses.Itisnotlimitedtojustonebusiness.But,let'sfirstunderstandwhatisBBrandTribeAbrandtribecouldberegardedasagroupofpeoplewhocollectivelyidentifythemselveswiththeproductandsharesimilarviewsandnotionsaboutthebrand.Theyarenotjustconsumersoftheproduct,butplayamajorroleinitspromotion. Description:Aproductissuccessfulwhenitbecomesacult.Companiesarenotjustsellingconsumerstheirproductsnowadays,butanidea,avisionashBrandValuationBrandvaluationistheprocessusedtocalculatethevalueofabrandortheamountofmoneyanotherpartyispreparedtopayforit. Description:Abrandcomprisestangibleaswellasintangibleelementsrelatingtothecompany'sstyle,culture,positioning,messages,promisesandvalueproposition.BrandValuation,subsequently,isanestimateofthefinancialvalueofabrand.ThereisnounTrendingDefinitionsDebtfundsReporateMutualfundGrossdomesticproductDataminingAdvertisingProductMonopolyCryptographyDepreciation155000Sensexlosesover150points;Niftytests17,100;Wiprotumbles4%266000BuyorSell:StockideasbyexpertsforOctober13,202282000IndiancraftbeermakerBira91acquiresBeerCafeinanall-stockdeal199000Sensexgains250points,Niftytops17K;HCLTechup2%347000BuyorSell:StockideasbyexpertsforOctober12,2022104000Stocksinfocus:DeltaCorp,RECandmore229000IMFcutsIndia'sFY23GDPforecastto6.8%;forglobaleconomypredicts'worstisyettocome'129000Sensexloses130points,Niftybelow17,250;IndiaCementsfalls4%112000BuyorSell:StockideasbyexpertsforOctober11,2022MailthisDefinition