Daffodil International University
Faculties and Departments => Business Administration => Business & Entrepreneurship => BBA Discussion Forum => Topic started by: munna99185 on May 15, 2013, 09:59:47 AM
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A small but profitable segment of a market suitable for focused attention by a marketer. Market niches are created by identifying needs or wants that are not being addressed by competitors, and by offering products that satisfy them. Even established companies create products for different niches, for example, 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.
Another example: an automobile manufacturer may produce a car that is substantially less expensive than its competitors and that appeal only to those consumers in the vast automobile market who are interested in purchasing an inexpensive automobile. Although the target audience for the inexpensive auto represents only a small percentage of the total number of automobile buyers, the audience is still substantial enough to allow the auto manufacturer to carve out a niche and make a profit.
Sayed Farrukh Ahmed
Assistant Professor
Faculty of Business & Economics
Daffodil International University
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A niche market is the subset of the market on which a specific product is focusing. So the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.
For example, sports channels like STAR Sports, ESPN, STAR Cricket, and Fox target a niche of sports lovers. Every product can be defined by its market niche.