BUSINESS ADMINISTRATION
CUSTOMER RELATION MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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multiple market segments
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focused on a distinct part of the market
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consumer demand will always remain high
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leads to high levels of output and low production costs
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Detailed explanation-1: -Niche marketing is focusing on a very specific section of a market, that a business does very well at by catering their products to very specific people. For example, let’s say your target market is pet owners, your niche market could be pet owners who own Parrots.
Detailed explanation-2: -By definition, then, a business that focuses on a niche is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market uses information systems to enable a specific market focus and serve this narrow target market better than competitors.
Detailed explanation-3: -A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large. For example, within the market for women’s shoes are many different segments or niches.
Detailed explanation-4: -When you get niche marketing right the advantages will give you a competitive edge with less competition, brand loyalty, lower marketing spend, higher profit margins, and you’ll be seen as an expert.