Q.Explain Niche Marketing.

Niche Marketing concentrates on serving one small, specialised market segment whose specific needs are met better than by mass marketers.

Niche marketing is a strategy in which a firm targets a narrow, clearly-defined segment of the market — a niche — instead of the whole market. This segment usually has special needs that large mass-market firms do not satisfy well.

Features and benefits:

• The firm designs a specialised product and marketing mix exactly for that segment.
• Because it serves customers so precisely, it can command customer loyalty and premium prices.
• There is often little competition, as big firms ignore small niches.
• It suits small firms with limited resources. …