There is a new generation of competitors that has entered the market and is posing a great threat to larger companies. These companies tend to operate more on a specific niche, which makes them appear “closer to the customer”.
These companies concentrate on selling to a smaller market. This can help lower costs because specialization creates savings. These smaller firms can concentrate on establishing a strong image and position in their niche. Niche marketing also targets customers more specific needs. Customers today have more of a selection to get the “exact” product that they desire.
The Solomon text refers to a subject that can help illustrate the benefits of niche marketing. On page 457, Solomon refers to social stratification. Social stratification refers to a creation of artificial divisions in a society: “those processes in a social system by which scarce and valuable resources are distributed unequally to status positions that become more or less permanently......
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Approximate Word Count: 1350
Approximate Pages: 6 (260 words per double-spaced page) |