A market is something like women’s shoes.
A niche is then a sub market of that something like women’s leather shoes
A micro niche would be something like women’s red leather shoes.
Make-Up would be a very big market indeed and niche markets would be lipstick, blusher, eye shadow etc
Micro niches would be red lipstick, blusher brushes, and eye shadow pencils
A niche product is something that fulfills a certain need that very few others fulfill. Currently infant formula, baby products, and make up would not be considered niche products because so many companies produce these but also produce other things. A niche product would be more like someone who specializes in a limited area and just does primarily that, while at the same time very few other do it. In other words, if you want this product, they are the “go to” person. For example, (at least based on commercials) Nationwide Insurance that offers accident forgiveness and the chance to reduce your deductible based on a good driving record could be considered “niche” products. If this is for a marketing/advertising class make sure you get their specific definition before using this example.
These days with the internet and everything so available to everyone and we can get ideas so easily from one another, there are very few “niche” products, or at least much fewer niche products than there used to be.
Hope this helps.
A market is something like women’s shoes.
A niche is then a sub market of that something like women’s leather shoes
A micro niche would be something like women’s red leather shoes.
Make-Up would be a very big market indeed and niche markets would be lipstick, blusher, eye shadow etc
Micro niches would be red lipstick, blusher brushes, and eye shadow pencils
A niche product is something that fulfills a certain need that very few others fulfill. Currently infant formula, baby products, and make up would not be considered niche products because so many companies produce these but also produce other things. A niche product would be more like someone who specializes in a limited area and just does primarily that, while at the same time very few other do it. In other words, if you want this product, they are the “go to” person. For example, (at least based on commercials) Nationwide Insurance that offers accident forgiveness and the chance to reduce your deductible based on a good driving record could be considered “niche” products. If this is for a marketing/advertising class make sure you get their specific definition before using this example.
These days with the internet and everything so available to everyone and we can get ideas so easily from one another, there are very few “niche” products, or at least much fewer niche products than there used to be.
Hope this helps.