GENERAL KNOWLEDGE

Detailed explanation-1: -Definition: Niche marketing is defined as channeling all marketing efforts towards one well-defined segment of the population.

Detailed explanation-2: -Concentrated marketing is a solid strategy used by marketers to focus all their efforts on one particular target audience segment. In other words, the marketing strategy caters all of its marketing initiatives to serving only one segment of the market.

Detailed explanation-3: -A niche strategy includes selecting your target audience, defining an unmet or underserved need, researching your customer base, creating a business plan, and marketing your business to your specific audience.

Detailed explanation-4: -What is a Niche Marketing Strategy? Designed to attract a specific subset of customers, a niche marketing strategy considers the narrow category into which your business falls. It focuses on a small group of buyers, instead of the broader market.

Detailed explanation-5: -Mass marketing (undifferentiated marketing) Segmented marketing (differentiated marketing) Concentrated marketing (niche marketing) Micromarketing.