What is the difference between a niche and a broad audience?

What is the difference between a niche and a broad audience?

A niche audience is a more focussed subgroup of the broader market’s target audience. The niche audience has a specific group of needs, which can be met by a targeted product or service.

What is the difference between a market and a niche market?

Target market: Your target market is your ideal client – the person or group of people you serve. In other words, the group of people you TARGET with your marketing. Niche: Your niche on the other hand is your area of specialty. It’s your service focus or HOW you help your target market.

What is a broad market in marketing?

Usually refers to indices such as the Wilshire 5000 that track the performance of 5,000 securities, rather than the more narrow measures such as the Dow Jones Industrial Average and the S&P 500.

What are the characteristics of a niche market?

The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is also a small market segment. Sometimes, a product or service can be entirely designed to satisfy a niche market.

What is the difference between niche marketing and Micromarketing?

A niche market is a subset of a larger market with its own unique characteristics, preferences, and needs. Niche marketing targets one or more segments identified within the larger market. Micro-marketing takes things even further by targeting a specific group or individual within a niche market.

What is the difference between broad and narrow market?

If you are targeting people who live near your business location, then that is a narrow geographic market. If you are targeting people who live just about anywhere, or not worrying about that at all, then that is a broad geographic market.

What is a niche market?

Instead of marketing to everyone who could benefit from a product or service, this strategy focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings. A niche market could stand apart from others because of:

Can niche marketing differentiate your brand in a crowded market?

But differentiating your brand in a crowded market is achievable with niche marketing. What Is Niche Marketing? Niche marketing is an advertising strategy that focuses on a unique target market.

What is the difference between niche market strategy and single marketing mix?

It is a broad-brush attempt to appeal to the entire marketplace with one basic marketing (single marketing mix) strategy by utilising mass distribution and mass promotion. In contrast, niche market strategies focus on specific market segments (Brassington and Pettitt, 2003).

What is the difference between Broad broad and specialty marketing?

Broad marketing sectors can rival specialty markets on a portion of the more focused on subnets. Some Internet advertisers market by means of online journals which have demonstrated to be as worthwhile as having your specialty or wide market on a site. A market refers to people but I will use products to explain.