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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

  1. Niche Marketing:
  2. Targets a small, highly specific segment with customized solutions.
  3. Offers premium pricing and personalized services.
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