market niche strategy
Definition:
One of four basic competitive marketing strategies identified by Philip Kotler (Marketing Management, 4th edn, 1980) the others being MARKET CHALLENGER, MARKET FOLLOWER and MARKET LEADER. A market niche strategy coincides with a concentrated marketing strategy in that the firm realizes that it lacks the resources to compete directly with bigger firms in the industry and so seeks to identify a particular niche or segment of the market upon which it can concentrate all its energies. The key to success in developing such a strategy is to define a viable MARKET SEGMENT and then develop an offering which is perceived as differentiated from the competition by the users comprising the segments thereby by conferring a temporary MONOPOLY upon the supplier.
Cross-References:
[monopoly]
[market follower]
[market challenger strategy]
[market research]
[market segmentation]
[market leader]
Links:
Figures:
© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].