Niche Strategy in Marketing: Definition & Concept

Niche Strategy in Marketing: Definition & Concept
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  • 0:04 What is Niche Marketing?
  • 0:46 Conceptual Framework
  • 2:06 Example
  • 2:57 Lesson Summary
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Lesson Transcript
Instructor: Shawn Grimsley
While some companies want to conquer the world, some just want a piece of it. In this lesson, you'll learn about niche strategy in marketing. You'll examine the different guidelines for getting into niche marketing and look at an example.

What is Niche Marketing?

Niche marketing encompasses all activities in which a business engages to attract and establish long-term relationships with customers comprising a small segment of the total population.

Conceptual Framework

Some people incorrectly believe that the more potential customers to which you can appeal, the better the chance of success and profitability. This is not necessarily the case. Businesses that attempt to appeal to everyone will spend a great amount of resources developing and marketing many different products in hopes of appealing to everyone. Products with mass appeals often cannot command premium prices because there are numerous substitute products in the market serving general consumer interests.

Your business may grow big by thinking small, if you can develop and serve a niche market. In order to develop a niche market, the following guidelines are useful:

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