Niche Marketing

Definition of Niche marketing
involves a business aiming a product at a particular, often very small, segment of the market.
Niche marketing
anticipates consumers’ needs and wants and can be clearly identified. It can be a local or small national market.
Advantages of Niche marketing
Can take advantage of small markets that will have been overlooked or ignored by other firms.
Competition can therefore be avoided in the short term.
Advantages of niche marketing
Focus on the needs of consumers in these segments which will give you advantage over businesses which target the wider market.
Disadvantages of niche marketing
If the business is too successful it may attract competition.
Disadvantages of niche marketing
Niche marchets are often too small to accommodate 2 or more firms in competition.
Disadvantages of niche marketing
Large national firms may force other businesses out.
Disadvantages of niche marketing
Niche markets contain small numbers of consumers they tend to be faced by bigger and more frequent swings in consumer spending than larger markets.
Examples of Niche Marketing
Mackie’s ice cream, Saga, The Whisky Shop and Aston Martin