Question

How would you describe a “market niche?” Describe four product/services that you own or consume that you would consider to be “niche” products. Why do you believe this to be true?

Answer 1

Market Niche - Meaning -

A niche market is a segment/ subset of a larger market on which a particular product is focused, that can be defined by its own specific needs, preferences, or identity that makes it different from the market at large.

For example, within the market for women's shoes, there are many different segments or niches.

The market niche defines the product features aimed at satisfying specific market needs, price range, production quality and the demographics that it is intended to target. It is a small market segment. A niche market is a focused, targetable portion of a broader market in which specialized products, goods or services can be sold. It caters to the unique/specific demands that aren't being addressed by mainstream providers. Niche markets serves as a way to build loyalty and revenue with a largely-overlooked audience.

Four product/services that we own or consume that can be considered to be “niche” products.

1. Smartphone of Apple -

Apple can still be considered as a niche player In the Global Smartphone Market. Although android, is continuing to dominate the overall market having a market share of more than approximately 70 % , however this data reiterates the fact that Apple, despite its profits, and despite its overall influence is a niche player globally,

2. Women Shoes

In the market for women’s shoes there are many different niches. Shoes for vegan women can be a niche market, as well as shoes for plus-sized women, shoes for nurses, or shoes for transvestites. These would all be niche markets within the larger women’s shoe market.

3. Scion Car

Scion, a sub-brand of Toyota, its vehicles are built by Toyota, so they are reliable and provide value for money, yet they appeal to the new generation of car buyers because of their funkiness and authenticity. By designing these vehicles for customization and engineering them to be accessorized, Tyota has created a niche in automobile market.

4.Carve coffee of Macdonalds

McDonald's coffee is gourmet. Gaviña is the coffee supplier for McDonald's and they use a blend of arabica coffee beans grown in Brazil, Colombia, Guatemala, and Costa Rica. McDonald's is offering a coffee at a reasonable price. Coffee Selfies' have carve out a niche in crowded hot drinks market