Peter Maine

Are Niche Markets Opportunities for Growth? Peter Maine

Essay from the year 2011 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: A, University of Kent, language: English, abstract: Darmar pursues a Niche strategy by supplying small retail outlets with Indonesian artifacts. This is a niche market because the small retail outlets find it difficult to import the artifacts into United States from Indonesia and the artifacts also are difficult to be produced in large numbers for wholesalers. This provides Darmar with a market where there are no competitors hence the potential to supply the artifacts to small retailers. Essentially, the business is advantaged because good relationships have been established by the designers of the artifacts who are mostly people her family is close with. Darmar has it as a targeted part of the market where she understands the needs of both his customers and suppliers. This is illustrated in the ability to make the designers create what her market requires. An article written by Wong-MingJi (1999), niche markets are not addressed in detail by the mainstream providers hence it is easy to focus on a specific client's group hence ability to satisfy them. This defines the kind of products that you offer since competition is low or unavailable. Designs are customer oriented since the needs of the customers determines what to be targeted in the market. Darmar has completely identified the needs of her customers and how difficult it is for them to successfully access the resources to use in their businesses. The larger wholesalers find it difficult to mobilize the Indonesians to achieve mass production of the artifacts hence do not supply it to retailers. With a complete understanding of her environment and needs, opportunities created by this niche market have well been served by her. Potential clients have been identified and hence providing a chance for Darmar to position herself well in the market.