Understanding the marketplace and define the organization's niche is important in Marketing.
The marketplace, where organizations offer similar services and different populations seek out those services, is expanding. More groups are becoming aware of both the range of services that can help them and the cost of these services. They are seeking out organizations that best meet their needs, preferences, and budget. Organizations must clearly understand these different groups: their demographic characteristics, product knowledge, attitudes, practices, and behavior, their sources of information, and their expectations. They need to determine which groups they can best serve, and find ways to attract them by clearly differentiating themselves from other organizations.
one organization's niche may be that it provides low-cost, products to to low-income families (Voxvagon), while another's niche may be offering products to a higher-income population. (ferari)
one organization's niche may be that it provides low-cost, products to to low-income families (Voxvagon), while another's niche may be offering products to a higher-income population. (ferari)