______________ marketing means serving a small market not Served by competitions.
Question
______________ marketing means serving a small market not Served by competitions.
Solution
The term you are looking for is "niche marketing." Niche marketing refers to the strategy of targeting a specific, well-defined segment of the market that has distinct preferences, needs, or characteristics. By focusing on a niche market, companies can cater to specific customers who may be overlooked by larger competitors.
Niche marketing often involves tailoring products, services, and marketing efforts to meet the unique demands of that particular segment. For example, a business might focus on eco-friendly products for environmentally conscious consumers or specialized services for a particular demographic. This approach allows companies to minimize competition, create brand loyalty, and potentially command higher prices for their specialized offerings.
The effectiveness of niche marketing lies in its ability to address specific customer needs, thereby creating a loyal customer base. Moreover, by concentrating resources on a smaller market segment, businesses can develop deeper insights into consumer behavior, leading to more effective marketing strategies and product development.
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