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Written by admin
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Thursday, 10 July 2008 |
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The term niche market refers to a market segment which is entirely separated and differentiated for its specific feature than the entire market. A niche market addresses the products and services which are not fulfilled by the normal markets. Niche markets deal with meeting the sudden demands which occur due to societal transformations, environment changes or technological amendments. The foundation for niche markets is often laid by the sudden demands of a product not being met by the marketing arena or insufficient supply of a service for a very long time. To explain it more efficiently that what is a niche market? lets us take this example. If there is market of tomatoes in which there are big and small rotten, fully reaped etc various types of tomatoes coming from all over the world and all are mixed. There then it will be your niche market if you specialize in selling fully reaped, small red Australian tomatoes for an instance. Thus since you have only a specified variety available at your counter automatically it will attract more people towards your market because you have a specifically sorted out product in your market. |
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