2.2.4 Niche marketing¶
Overview¶
Marketing strategies can be categorized into three main types: 1. Differentiated Marketing 2. Mass Marketing 3. Niche Marketing
Each approach has unique characteristics and is suited for different business goals and market conditions.
Niche Marketing¶
- Definition: Focuses on a specific, small segment of the market with unique needs.
- Characteristics:
- Offers specialized products or services for a narrow audience.
- Customization: Products are often tailored to the specific needs of the niche.
- Higher Pricing: Premium prices due to customization and smaller market size.
- High Service Levels: Enhanced customer service and personalization.
- Market Size: Typically smaller than differentiated or mass marketing.
- Examples:
- Executive Clothing:
- Companies offering customized suits, shirts, ties, and accessories for corporate executives.
- Healthcare for Diabetics and Obese Individuals:
- Specific healthcare services and products tailored to their needs.
- Celebrity Grooming:
- Specialized makeup and grooming products designed for film and TV professionals.
Comparison of Marketing Strategies¶
| Aspect | Niche Marketing |
|---|---|
| Target Market | A very narrow segment |
| Customization | High |
| Product Variety | Unique offerings |
| Pricing | Premium |
| Examples | Custom suits, celebrity grooming |
Key Takeaways¶
- Niche Marketing:
- Targets a small, highly specific segment with customized solutions.
- Offers premium pricing and personalized services.