Glossary keyword - Niche

Niche

A niche market is a subset of a bigger market where a particular product is focused on. The market niche determines product characteristics focused on satisfying specific market needs. Also, it determines the quality of production, price range, and the demographics that should be targeted. Additionally, not all types of products could be identified by it. The niche market targets to survive in the competition with various large enterprises. Even settled companies generate products for various niches. For instance, Hewlett-Packard has a machine that contains scanning, faxing, and printing. The company targets the home office niche for this product. At the same time, devices with only one of these features are available for huge businesses. 

A niche market in practice

Product vendors and trade businesses are called niche market providers or mainstream providers. Parties that provide small capital choose this type of market with narrow demographics. It is done to enhance the margins of their financial gains. In such a market, the final product does not depend on the price elasticity of demand. It is somewhat dependent on the particular needs that the specific product targets to satisfy. Also, in some cases, the final product quality may be dependent on brand recognition. Brand recognition aspects may include expensiveness, social status, prestige, and more. Sometimes, needs and desires with particular and complicated features exist. On such occasions, the market demands some functional suppliers that are able to meet such anticipations.

Niche Audience

Different from mass audiences, a niche audience is a dominant smaller audience. Such audiences can now control what they watch on TV. It happened thanks to changes in technology and industrial practices. So, production companies and TV networks attempt to reveal new methods to profit from new shows. They do it relying on syndication. Lastly, the “narrowcasting” practice permits advertisers to possess a straight target audience for their messages.

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