Question

We’ve discussed several different changes that are happening to the population of the US. Thinking about the niche market segments we’ve also discussed, pick a niche market, define that market, and discuss how agencies in that industry can be successful based on those changes.

Changing Demographics to Discuss

                The aging of the largest segment of the population, the Baby Boomers

The change in ethnic demographics and increase in minority participation in leisure/recreation/tourism

                The prevalence of dual-earner families/single-parent families

                The steady increase of television use

Must cover all 4 changing demographic sections, focusing on 1 niche market (may use up to 2 markets, if linked).

Answer 1

Niche Market :- Its a type of market and a marketing strategy which is used to attract particular customer segments or either we can also say that to focus on particular customer problem which has not been sorted out by any other firm. This market only can be created by with some new unique ideas and with new smart techniques. Companies enters in this market with the aim of providing some unique features to customers with good quality and price. Niche market basically focus on particular segment and particular demographic of market. Niches market strategy makes companies monopolistic in terms of price and product, companies can enjoy monopoly benefits of this market strategy.

For examples, there are so many companies who are providing laptops but if we wants to take print of any thing on urgent basis then we need printer only but if any company will notice this problem and will launch that type of laptop which have printing facility (from which we can take print anywhere) then we can say that, that particular company has use niche strategy and enters in niche market.

There are so many agencies who comes in niche market and successfully stand because of rapidly changing environment scenerio. As we all know, day by day people beleiving in those products which saves their time and which is more digitally satisfied. As per today's environment customers wants smart and quick response and products from companies because if one companies will not provide the same then customers will shifts to other one.

For examples, If we talk about one agency that is Fundoodate.com, this agency provides data of company heads ( like CFO, CEO, HR Head mail ID, contact number) which we can't found on net easily. So, this company noticed that problem that companies hired sales professionals for lead generation but quality leads they can only get from Fundoodata.