This particular strategy focuses on one portion of marketing a product. It is based on personal interest in a way. By definition niche marketing is “a portion of a market that you 've identified as having some special characteristic and that 's worth marketing to” (Niche). A niche marketer should utilize five smaller strategies in order to make his/her niche market prosper. In reading “Six Strategies for Successful Niche Marketing” by Eric K. Clemons, Paul F. Nunes, and Matt Reilly, it states that the first strategy is to “target carefully.” By target carefully, the authors are referring to choosing a niche that would benefit the business. Marketers should refrain from focusing on a niche market that is not profitable. The next important feature strategy is listening. Producers have to learn how to listen to consumers. Niche marketers should be attentive towards “consumer-generated content” (Niche). This means companies should pay attention to all feedback given to their goods or services. The third strategy is “controlling production cost.” This step is simply about the manufacturing of the product. Creating strenuous amounts of a product that is not widely advertised can harm a company. After controlling product cost is controlling distribution cost. Deciding on a selling price is difficult, because forecasting demand is not a simple task (Niche). Which is why, having a “flexible” inventory is the way to go. The last strategy is evaluating possible future discontinuances. A company should take bad products into consideration, because those products may bring positive attention to prospering
This particular strategy focuses on one portion of marketing a product. It is based on personal interest in a way. By definition niche marketing is “a portion of a market that you 've identified as having some special characteristic and that 's worth marketing to” (Niche). A niche marketer should utilize five smaller strategies in order to make his/her niche market prosper. In reading “Six Strategies for Successful Niche Marketing” by Eric K. Clemons, Paul F. Nunes, and Matt Reilly, it states that the first strategy is to “target carefully.” By target carefully, the authors are referring to choosing a niche that would benefit the business. Marketers should refrain from focusing on a niche market that is not profitable. The next important feature strategy is listening. Producers have to learn how to listen to consumers. Niche marketers should be attentive towards “consumer-generated content” (Niche). This means companies should pay attention to all feedback given to their goods or services. The third strategy is “controlling production cost.” This step is simply about the manufacturing of the product. Creating strenuous amounts of a product that is not widely advertised can harm a company. After controlling product cost is controlling distribution cost. Deciding on a selling price is difficult, because forecasting demand is not a simple task (Niche). Which is why, having a “flexible” inventory is the way to go. The last strategy is evaluating possible future discontinuances. A company should take bad products into consideration, because those products may bring positive attention to prospering