Niche Market

A niche market[1] is the subset of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment. For example, sports channels like STAR Sports, ESPN, STAR Cricket, and Fox Sports target the niche market of sports enthusiasts.

Every product cannot be defined by its market niche. The niche market is highly specialized, and aiming to survive among the competition from numerous super companies. Even established companies create products for different niches; 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.[2]

In practice, product vendors and trade businesses are commonly referred to as mainstream providers or narrow demographics niche market providers (colloquially shortened to just niche market providers). Small capital providers usually opt for a niche market with narrow demographics as a measure of increasing their financial gain margins.

The final product quality (low or high) is not dependent on the price elasticity of demand, but the specific needs that the product is aimed to satisfy and, in some cases, aspects of brand recognition (e.g. prestige, practicability, money saving, expensiveness, environmental conscience, or social status).

Niche audience

Technology and many industrial practices changed with the post-network era. There is a new drive for niche audiences because audiences are now in much greater control of what they watch. It is very rare to have a substantial audience watch a program at once, with few exceptions such as American Idol, the Super Bowl and the Olympics. Still, networks do target particular demographics. For example, Lifetime targets women and MTV targets youth. In this context of greater viewer control, networks and production companies are trying to discover ways to profit through new scheduling, new shows, and relying on syndication. This practice of "narrowcasting" also allows advertisers to have a more direct audience for their messages.[3]

See also

References

  1. ^ The pronunciation of "niche" is more commonly either /ni:?/ or /n/, see entry at Merriam Webster Online
  2. ^ "3 Rules for Niche Marketing". Entrepreneur. Retrieved . 
  3. ^ Lotz, A. (2007), The Television will be revolutionized, pg 180

  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

Niche_market
 



 

Connect with defaultLogic
What We've Done
Led Digital Marketing Efforts of Top 500 e-Retailers.
Worked with Top Brands at Leading Agencies.
Successfully Managed Over $50 million in Digital Ad Spend.
Developed Strategies and Processes that Enabled Brands to Grow During an Economic Downturn.
Taught Advanced Internet Marketing Strategies at the graduate level.


Manage research, learning and skills at defaultLogic. Create an account using LinkedIn or facebook to manage and organize your Digital Marketing and Technology knowledge. defaultLogic works like a shopping cart for information -- helping you to save, discuss and share.

Visit defaultLogic's partner sites below:
PopFlock.com : Music Genres | Musicians | Musical Instruments | Music Industry
  Contact Us