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
- Organizational Strategies
- 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
- Customer-Centric Strategy
- Blue Ocean Strategy
- Overfished Ocean Strategy
- Hedgehog Concept (Strategy)
- Innovation Strategy
- Bleeding Edge
- 3 Horizons of Growth
- Disintermediation (Strategy)
- Strategic Alliance
- Coopetition (Strategy)
- Loss Leader Strategy
- Lean Strategy
- Game Theory Perspectives
- Functional Strategies
- Marketing Strategy
- Zero-Cost Strategy Definition
- Mobile First Strategy Definition
- Operational Strategy