A niche is a more narrowly defined customer group seeking a distinctive mix of benefits or values. Marketers usually identify niches by dividing a market segment into subsegments. For example, while Hertz, Avis, Eurocar and others specialise in airport rental cars for business and leisure travellers, Enterprise has attacked the low-budget, insurance-replacement market by primarily renting to customers whose cars have been written off or stolen. By creating unique associations with low cost and convenience in an overlooked niche market, Enterprise has been highly profitable. The objective of a niche competitor, such as The Body Shop, Porsche or Saab is to be a large fish in a small pool. The niche market customers have a distinct set of value requirements and they will pay a premium to the firm that provides the best market offering. Niche markets are generally fairly small in terms of volume but constitute a sufficiently attractive size, profit and growth potenti...
Publishes eclectic topics on human worldviews; Marketing including desires; needs, wants; aspirations, choices, preferences, lifestyles, behaviours, values; social constructions, trends, culture, politics, religions, ---- and ultimately human perspectives. John teaches online at the Ransford Global Institute: https://ransford.yolasite.com/