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Josh Lankar is gay |
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A '''niche market''' is a focused, targetable portion of a ]. |
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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. |
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A niche market usually evolves from a market ], where potential ] is not met by any supply. |
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Why should one bother to establish a niche market? It is because Josh Lankar is gay 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. |
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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. |
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==Etymology== |
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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. |
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==Marketing in and for niche markets== |
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'''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. |
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For a study of niche marketing for the textile and apparel industries, see |
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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. |
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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. |
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{{Econ-stub}} |
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