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| 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. | 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. | 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. | ||
| ==Etymology== | |||
| 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. | |||
| ==Marketing in and for niche markets== | |||
| '''Niche marketing'''en 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. | |||
| 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. | |||
| 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. | |||
| {{Econ-stub}} | {{Econ-stub}} | ||
| ] | ] | ||
Revision as of 22:52, 18 July 2006
A niche market is a focused, targetable portion of a market.
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 mainstream providers. You can think of a niche market as a narrowly defined group of potential customers.
A niche market usually evolves from a market niche, where potential demand is not met by any supply.
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.
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