Differences between a Niche-market, Mass-market and Growth Market Strategy
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Niche Market
This is a terminology used to refer to a limited range of clients for certain goods and services. It does not look at the broad picture of discovering markets. The main idea of niche market is to find a specific group of people and regularly supply them with certain consumables (Boone, 2012). There must be a lot of strategy and research in order to find the right niche. Niche markets do not rely of competition. A good example of this type of organization is Epson that specialized in photo printers.
Mass Markets
These market opportunities focus on large scale. There is a lot of competition in this units based on pricing. The market scales are based on how efficient these costs of these units are. The expenses involved in production have a direct impact on the pricing of products in the units (Swaim, 2010). Mass markets are products complex supply chains. These chains are involved in research, customer preference and product intelligence. These chains are part of huge industry productions (Murray and Forstater 2013).an example is Microsoft corporation that
Growth Market Strategy
According to Kurtz (2012), these measures have been put in place based on performance of each product to ensure that there is improvement in the market opportunities for the product over time. This increase must steady and follow an ever-rising trend. By focusing on specific segments of the market share, many strategic actions be put in place to ensure that there is increased profitability.
A good example of this type of organization is the apple inc. the strategies are meant to keep in line with the competitiveness of the business entity. The strategy should have an area of target to maximize on the potentials available in that sector (Lamb, 2012).