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A local market refers to a group of consumers or households that reside within a defined geographic area and fall within the normal catchment area for a specific business. For instance, the catchment area for a pharmacy would normally be approxiamtely 5 km radius of the pharmacy's address.
A niche market refers to a small, tighly defined group of consumers or households that share certain demographic, attitudinal or behavioral characteristics. An example of a niche market would be people seeking Gothic styled wedding dresses.
The two markets are very different in terms of:
1. Shared characteristics - niche markets are very similar in demographic, behavioral or attitudinal terms while members of a local market may have little in common other than their place of residence.
2. Market Size - niche markets are by definition small. Local markets may or may not be small depending on the population density and geographic coverage of the defined local area.
3. Geographic dispersal - members of a niche markets may be geographically dipsersed while members of a local market are geographically concentrated.
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Difference between mass market and niche market?
Mass market is when business targets general consumers (the majority) in the market with general needs. Niche market is when business targets a small group of consumers with specific needs in the market.
What is the niche market for a supermarket?
Hungry people are a niche market for a super market.
Difference between a market segment segment and niche segment?
segments are fairly large and normally attract several competitors, niches are smaller and may attract only one or a few competitors
What is the difference between public relations to human relations?
I think you mean to ask "what is the difference between public relations and employee relations?" In essence, there is not a difference. Employee relations is a specialty, a niche within public relations.
Define what a niche product is give at least three examples of niche products?
A niche market is the subset of the market on which a specific product is focusing; therefore the market niche defines the specific product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact.Every single product that is on sale can be defined by its niche market. As of special note, the products aimed at a wide demographic audience, with the resulting low price (due to price elasticity of demand), are said to belong to the mainstream niche-in practice referred to only as mainstream or of high demand. Narrower demographics lead to elevated prices due to the same principle.Niche products resourcesTwo main niche products market places.cj.com - you can choose become an Affiliates or Vendors and promote products..buyoncb.com - collected the most popular niche products and all niche products can be instantly downloaded
Difference between mass market and niche market?
Mass market is when business targets general consumers (the majority) in the market with general needs. Niche market is when business targets a small group of consumers with specific needs in the market.
What is the niche market for a supermarket?
Hungry people are a niche market for a super market.
The difference between habitat and niche?
Habitat is the place that the animal lives in niche is that creatures spot in society
What the difference between a habitat and a niche?
A niche is a cycle an organism goes through every day to survive. A hahitat is where an organism lives.
Difference between a market segment segment and niche segment?
segments are fairly large and normally attract several competitors, niches are smaller and may attract only one or a few competitors
What sentence can you use with the word niche?
I have found a niche in the market.
What market niche is the psp?
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What is one difference between a fundamental niche and a realized niche?
Fundamental niche is the natural habitat of a species, where it can easily get food for its energy requirements, and can mate and reproduce without the fear of predators Realized niche is the environment that a species finally gets because of many limiting factors Read more: http://www.differencebetween.com/difference-between-fundamental-and-vs-realized-niche/#ixzz2DcWgiYIl
Explain types of marketing?
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.
Is Starbucks a niche market?
Starbucks isn't a niche market because there are other businesses that offer the same type of products and services.
What is the difference between a horse lion cheetah zebra jaguar?
Every species has its own ecological niche.
Difference between habitat and niche?
A niche is a cycle an organism goes through every day to survive. A hahitat is where an organism lives.
