MANAGEMENT

Detailed explanation-1: -A small, specialized segment of the market, usually based on a customer needs discovered in a market research. The act of identfying a specific market niche for a product. A feature that makes a product more desirable than its competitors’ products. A complete picture of a venture’s prospective customers.

Detailed explanation-2: -Definition: Niche marketing is defined as channeling all marketing efforts towards one well-defined segment of the population. There is one important thing to understand that ‘niche’ does not exist, but is created by smart marketing techniques and identifying what the customer wants.

Detailed explanation-3: -For example, within the market for women’s shoes are many different segments or niches. Shoes for vegan women would be a niche market, as would shoes for plus-sized women, shoes for nurses, and shoes for transgendered people. These are all niche markets within the larger market for women’s shoes.

Detailed explanation-4: -This is market segmentation, the practice of dividing larger markets into smaller ones based on the common characteristics of the individuals within the larger market. Market segmentation lets brands create customized niche-marketing campaigns personalized to each identified market segment.