Marketing Advertising and Sales
Management and Supervision

Explain types of marketing?

User Avatar
Wiki User
2008-06-26 08:04:03

What defines the members of a niche market is not the market

size, but some unique characteristic shared by all members of that

niche market. Marketers then use that to inform decision-making

about marketing strategy and develop tactics to understand the

consumer needs of that group then create marketing plans to target

that niche group. Niche marketing is the resulting tactic of

implementing marketing strategies specifically for targeting a

niche market segment, often by capitalizing on the presence of a

unique characteristic of that market. For example, the market for

people aged over 55 is one example of a 'niche market'. Similarly

the African-American market is a 'niche' market, even though it is

a large group of consumers. The gay market is another niche market

group of millions of consumers around the world. So-called 'grey'

marketing, African- American marketing and gay marketing are

examples of the resulting marketing strategies that result from

defining segments by way of niche market approaches. Niche

marketing has been shown to be a very effective means for mass

market brands to seek to better position their products and

services to appeal to niche market consumers.

Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.