What is a marketing strategy in which the focus is on small but profitable market segments?

Business

1 answer:

Goryan [66]1 year ago

3 0

Niche marketing strategy is a marketing strategy in which the focus is on small but profitable market segments.

Niche marketing is defined as the strategy of channelizing all the marketing efforts towards one well-defined segment of the population. There is one important thing to understand that ‘niche’ does not exist, but it is created by a smart marketing technique and identifying what the customer wants.

This can be done if the company knows what the customer needs and then tries to deliver a better solution to a problem which was not presented by other firms. A niche market does not mean a small market, but it involves specific target audience with a specialized offering.

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