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| {{Short description|Market with specific product is focused}} | |||
| A '''niche market''' is a focused, targetable portion of a ]. | |||
| A '''niche market'''{{NoteTag|The English pronunciation of ''niche'' is more commonly either {{IPAc-en|n|ɪ|tʃ}} ({{respell|NITCH}}) or {{IPAc-en|n|iː|ʃ}} ({{respell|NEESH}}).<ref>{{bulleted list|{{cite Merriam-Webster|niche}}|{{cite Dictionary.com|niche}}}}</ref>}} is the subset of the market on which a specific ] is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the ] range, production quality and the ] that it is intended to target. It is also a small ]. Sometimes, a product or service can be entirely designed to satisfy a niche market.<ref>{{Cite web|last=Thivierge|date=March 20, 2021|title=Digital Niche Marketing:Definition|url=https://digital.hec.ca/en/digital-niche-marketingdefinition-and-how-to-make-money-out-of-your-hobby/|access-date=March 27, 2021|website=Digital HEC Montréal}}</ref> | |||
| Not every product can be defined by its market niche. The niche market is highly specialized, and aiming to survive among the competition from numerous super companies. Even established companies create products for different niches; ] has all-in-one machines for printing, scanning and faxing targeted for the home office niche, while at the same time having separate machines with one of these functions for big businesses.<ref name="Entrepreneur">{{cite web |publisher=] |url = http://www.entrepreneur.com/article/49608 |title = 3 Rules for Niche Marketing |access-date=2012-07-09 }}</ref> | |||
| By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by ] providers. You can think of a niche market as a narrowly defined group of potential customers. | |||
| In practice, product ]s and ] ]es are commonly referred to as ''mainstream providers'' or ''narrow demographics niche market providers'' (colloquially shortened to just ''niche market providers''). Small ] providers usually opt for a niche market with narrow demographics as a measure of increasing their ] margins. | |||
| A niche market usually evolves from a market ], where potential ] is not met by any supply. | |||
| The final product quality (low or high) is not dependent on the price elasticity of demand, but the specific needs that the product is aimed to satisfy and, in some cases, aspects of ] recognition (e.g. prestige, practicability, money saving, expensiveness, environmental conscience, or social status). When there are needs or desires with specific and even complex characteristics, the market niche requires specialized suppliers which are capable of meeting such expectations. | |||
| Why should one bother to establish a niche market? Because of the great advantage of being alone there; other small businesses may not be aware of a particular niche market, and large businesses won't want to bother with it. | |||
| The trick to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already. | |||
| == |
==Niche audience== | ||
| {{+rs|date=April 2016}} | |||
| The expression ] is borrowed from ] and implies a situation or an ] perfectly suited to a person or a given type of personality. This concept has been extended from persons to products on the market. Whereas a niche in the strict sense can be a ] or an ] suited to a person who occupies it, the market niche is perfectly suited for a product of human labour. | |||
| Unlike mass audiences, which represent a large number of people, a niche audience is an influential smaller audience.<ref>{{cite book|last1=Chandler|first1=Daniel|last2=Munday|first2=Rod|title=A Dictionary of Media and Communication|date=2011|publisher=]|location=New York|pages=290, 295, 421|edition=1st|isbn=978-0-19-956875-8}}</ref> In television, technology and many industrial practices changed with the ], niche audiences are now in much greater control of what they watch. In this context of greater viewer control, ]s and ] are trying to discover ways to profit through new scheduling, new shows, and relying on ].{{Citation needed|date=August 2018}} This practice of "narrowcasting" also allows advertisers to have a more direct audience for their messages.<ref>Lotz, A. (2007), ''The Television will be revolutionized'', pg 180</ref> | |||
| ==Marketing in and for niche markets== | |||
| '''Niche marketing''' is the process of finding and serving small but potentially ]able ] segments and designing custom-made ] or ] for them. For big companies those market segments are often too small in order to serve them profitably as they often lack ]. Niche marketers are often reliant on the ] to maintain a profitable volume of sales. | |||
| With few exceptions, such as '']'', the ] and the ], it is not common for a substantial audience to watch a program at once. Still, networks do target particular demographics. ] targets women and ] targets youth. Sports channels, for example, ], ], ], ], ], ], ] and ], target the niche market of sports enthusiasts.<ref>{{Cite book |url=https://onlinelibrary.wiley.com/doi/book/10.1002/9781119269465 |title=A Companion to Television |date=2020-02-11 |publisher=Wiley |isbn=978-1-119-26943-4 |editor-last=Wasko |editor-first=Janet |edition=1 |language=en |doi=10.1002/9781119269465 |editor-last2=Meehan |editor-first2=Eileen R.}}</ref>{{Citation needed|reason=For named programs, networks, and statements about them.|date=August 2018}} | |||
| For a study of niche marketing for the textile and apparel industries, see | |||
| Erin Parrish's dissertation: Niche Market Opportunities in the Global Marketplace. Parrish, Assistant Professor at the University of Alabama, has published several industry specific articles on niche marketing. | |||
| == See also == | |||
| Internet marketeers often find a niche poorly represented online and create a site providing information and goods in this particular field. With little or no competition it's easy to get high search engine rankings and make profit. | |||
| * ] | |||
| * ] | |||
| * ] | |||
| * ] | |||
| == Notes == | |||
| {{NoteFoot}} | |||
| ==References== | |||
| {{Econ-stub}} | |||
| {{Reflist}} | |||
| ⚫ | ] | ||
| {{Authority control}} | |||
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Latest revision as of 11:21, 8 October 2023
Market with specific product is focusedA niche market is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment. Sometimes, a product or service can be entirely designed to satisfy a niche market.
Not every product can be defined by its market niche. The niche market is highly specialized, and aiming to survive among the competition from numerous super companies. Even established companies create products for different niches; Hewlett-Packard has all-in-one machines for printing, scanning and faxing targeted for the home office niche, while at the same time having separate machines with one of these functions for big businesses.
In practice, product vendors and trade businesses are commonly referred to as mainstream providers or narrow demographics niche market providers (colloquially shortened to just niche market providers). Small capital providers usually opt for a niche market with narrow demographics as a measure of increasing their financial gain margins.
The final product quality (low or high) is not dependent on the price elasticity of demand, but the specific needs that the product is aimed to satisfy and, in some cases, aspects of brand recognition (e.g. prestige, practicability, money saving, expensiveness, environmental conscience, or social status). When there are needs or desires with specific and even complex characteristics, the market niche requires specialized suppliers which are capable of meeting such expectations.
Niche audience
 | This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources in this section. Unsourced material may be challenged and removed. (April 2016) (Learn how and when to remove this message) |
Unlike mass audiences, which represent a large number of people, a niche audience is an influential smaller audience. In television, technology and many industrial practices changed with the post-network era, niche audiences are now in much greater control of what they watch. In this context of greater viewer control, television networks and production companies are trying to discover ways to profit through new scheduling, new shows, and relying on syndication. This practice of "narrowcasting" also allows advertisers to have a more direct audience for their messages.
With few exceptions, such as American Idol, the Super Bowl and the Olympics, it is not common for a substantial audience to watch a program at once. Still, networks do target particular demographics. Lifetime targets women and MTV targets youth. Sports channels, for example, STAR Sports, ESPN, ESPN 2, ESPNU, STAR Cricket, FS1, FS2 and CBS Sports Network, target the niche market of sports enthusiasts.
See also
Notes
References
-
- "niche". Merriam-Webster.com Dictionary. Merriam-Webster.
- "niche". Dictionary.com Unabridged (Online). n.d.
- Thivierge (March 20, 2021). "Digital Niche Marketing:Definition". Digital HEC Montréal. Retrieved March 27, 2021.
- "3 Rules for Niche Marketing". Entrepreneur. Retrieved 2012-07-09.
- Chandler, Daniel; Munday, Rod (2011). A Dictionary of Media and Communication (1st ed.). New York: Oxford University Press. pp. 290, 295, 421. ISBN 978-0-19-956875-8.
- Lotz, A. (2007), The Television will be revolutionized, pg 180
- Wasko, Janet; Meehan, Eileen R., eds. (2020-02-11). A Companion to Television (1 ed.). Wiley. doi:10.1002/9781119269465. ISBN 978-1-119-26943-4.