Niche Market Strategy - Explained
What is a Niche Market Strategy?
Written by J. Mance Gordon
Updated at April 21st, 2024
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What is a Niche Market Strategy?
A niche market caters to the specialized needs of a select segment of the market. It offers products or services in an industry vertical that is oft neglected.
The strategic advantage of establishing a niche market include:
- It facilitates ease of market share capture in the given niche by meeting a majority of the demand in the niche category.
- There is less competition as another small business might not want to take on an already established brand locally.
- Large businesses mostly ignore such brands and don't directly give them any competition.
- It's a good toehold to enter into an established market with larger scope.
Related Topics
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- Growth-Based (Expansion) Strategies
- Inorganic Growth
- Organic Growth
- Diversification
- Concentration
- Integration or Combination (Horizontal and Vertical)
- Asset Acquisition Strategy Definition
- Horizontal Integration - Explained
- Backward Integration - Explained
- Internationalization
- Cooperative Strategy
- Consortium Definition
- Stability and Retrenchment Strategies
- Competitive Strategies
- Contestable Market Theory
- Value Disciplines
- Porter's Generic Strategies
- Differentiation (Strategy)
- Commoditize
- Niche Market Strategy
- Long Tail
- Low-Cost Production
- Resource-Based View of the Firm
- Resource Dependency Theory
- Ansoff Matrix
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- Hedgehog Concept (Strategy)
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- Strategic Alliance
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- Loss Leader Strategy
- Lean Strategy
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