Business, Marketing, Tech

How To Find Niche Markets

What is a Niche?

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.

In practice, product vendors and trade businesses are commonly referred as mainstream providers or narrow demographics niche market providers (colloquially shortened to just niche market providers). Small capital providers usually opt for a niche market with narrow demographics as a measure of increasing their gain margins.

Nevertheless, the final product quality (low or high) is not dependant on the price elasticity of demand; it is associated more with the specific needs that the product is aimed at satisfy and in some cases with brand recognition with which the vendor wants to be associated (e.g., prestige, practicability, money saving, expensiveness, planet environment conscience, power, &c.).

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