Advantages of a Niche Product Market and the Relevance of Price
The advantages of niche markets are several. First, they increase sales of products (such as ordinary clothing) for which the consumer may not have any need but the specific orientation of the product (such as MMA sports) generates a desire for the logo rather than the need for the product itself. Second, niche markets (such as that exploited by the PPM mouth guard) provides an opportunity to charge much more for products that may not be substantially different or better for their essential purpose (i.e. protecting teeth during sports) than much cheaper generic alternatives. Third, niche marketing such as imitating the features of expensive watches in cheap watches generates a market attributable to vanity and the desire to mimic the appearance of wealth and privilege. In some cases, niche markets (such as that for MMA clothing and high-end watches) allows the setting of a premium price; in other cases (such as cheap imitation watches), niche markets focus on sales volumes rather than the high unit price of the product.
Three Reasons Why Customers Value Exclusivity
Customers may value exclusivity because they associate it with high quality, such as in the case of high-end watches and the PPM mouth guard. Customers may also value exclusivity because it communicates privilege and connections, such as in the case of limited edition luxury motor vehicles with high-profile waiting periods. Customers may also value exclusivity simply because people sometimes enjoy being the first to have a new product or being a member of a coveted group, especially...
As part of the research triangle, Raleigh has a significant portion of its population that fits the target market. For the Farmery to succeed, it only needs to capture a small portion of the market share. This is especially true because the store has a small footprint, and has the flexibility to set up on vacant lots without the costs of either renting or developing fixed real estate. The
Marketing Plan Mission and Business Objective Products and Services Keys to Success Macro Environment Economic Value Added Cash Value Added Cash Flow Return on Investment This report is a detailed marketing plan for a new financial service company called Online Analyst, Inc. The company is a combination database management company that also specializes in the financial services markets. The company will offer a plethora of information, data and financial-based market services such as online real time market segment
Business Proposal The American economy is undergoing fundamental change. Due primarily to globalization, industries continue to innovate and change. In particular, the rise of the information age has altered the manner in which business is conducted. Technology has now become an integral aspect of all business operations. In many industries however, technology has had very little impact on the fundamental operations of the business. It is these businesses that are unlikely
Given the scarcity of lever machines on the market and the unique nature of the niche market, price elasticity of demand is expected to be low. There may not be many prospective consumers, but those who want this product will be keen and are unlikely to be strongly price sensitive. The best price would therefore be at the high end of the range, $1,200. This means that the selling
Business Transformation Strategy GE Capital Woodchester is a leading provider of motor car, equipment, and personal finance in the country of Ireland. They offer the most flexible packages for diverse financial needs and as such, have earned the position of leading the personal and capitol acquisition financial services. GE Capital Woodchester also provides specialized financing and services and they focus on niches including equipment and car leasing, hire purchase and loans
Market Analysis The third principle, that markets that don't exist can't be analyzed, reminds managers that assessing the effects of disruptive technologies is often counter-intuitive to good management practice. Many companies require the development of a business case and a business plan for new products. This approach is generally very successful when applied to sustaining technological innovations, because the market is well-known; however, when companies apply this strategy to new, emerging
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