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Test Market niches
Agenda
QUESTION 1: WHAT ARE NICHE MARKETS?
Specific and specialized segments within a broader market
A massive and highly competitive market
Consumer groups with general needs
Products or services that meet all market needs
QUESTION 2: WHAT IS AN ADVANTAGE OF FOCUSING ON A NICHE MARKET RATHER THAN THE GENERAL MARKET?
Increased direct competition
Opportunity to stand out and establish a solid position in the market
Development of generic products or services
Reduced customer loyalty
QUESTION 3: WHY IS IT IMPORTANT TO TARGET A NICHE MARKET IN TERMS OF CUSTOMER LOYALTY?
To generate greater direct competition
To offer generic products or services
To increase profit margins and generate consistent revenue
To build solid relationships and generate trust in the brand
QUESTION 4: WHAT OPPORTUNITIES CAN BE GAINED BY FOCUSING ON A NICHE MARKET?
Opportunities for specialization in the area in which it operates
Increased competition in the general market
Reduced demand and profit margins
Expansion of the target audience to more general segments
QUESTION 5: WHAT SHOULD BE DONE TO FIND A SUITABLE MARKET NICHE FOR A BUSINESS?
Develop unique products or services without prior research
Segment the market into broader and more general groups
Research the general market and existing consumer segments
Evaluate only the strengths and resources of the business
QUESTION 6: WHAT SHOULD BE CONSIDERED WHEN ASSESSING THE VIABILITY OF A NICHE MARKET?
The strengths, skills and resources of the business
Market size, potential demand and existing competition
Demographic, geographic and purchasing behavior characteristics
The generic needs of the market in general
QUESTION 7: WHAT SHOULD BE DONE BEFORE FULLY COMMITTING TO A NICHE MARKET?
Identify the unmet needs of the general market
Segment the market into smaller, more specific groups
Evaluate only the viability of the market niche
None of the above
QUESTION 8: WHAT IS THE OBJECTIVE IN IDENTIFYING A MARKET NICHE?
To satisfy all market needs in a profitable and sustainable manner
Reduce direct competition in the general market
Establish yourself as an expert in that niche and build strong relationships with target customers
Focus on consumer groups with general needs
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