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Carving Your Niche Market

ArticleID 133  
Writer Isaac Thuku
Category Personal Article

All markets globally are crowded with a horde of products ranging from manufactured products to services of all types. It is hard to think of anything that you cannot sell in our current day and age. Everything, as they say; has a price. Now; since everything has a price and there exists a business sense in all human beings, our world as we know it is some sort of quasi market. Hard to believe? Not really!

A walk around town the other day brought to my attention that not every entrepreneur has sufficient knowledge o how to carve their unique niche in the market. A whole lane of shops were all selling the same products; ladies footwear. Taking a look at the shops through the windows I could see the same brands of footwear in all the six shops. On walking in and inquiring about the prices, they were spookily the same in all the shops. It almost seemed like it was one and the same shop that had just been partitioned but they were separate shops with different names.

My question is, why did the different shop owners set up similar shops next to each other and sell the same products? How did they expect to attract customers if there was nothing unique differentiating one shop from another? To me it seemed that a customer waling into one shop and making a purchase was just by chance. Though the shoes were nice; competition for customers must be tough for them.

Market niche is that section of the market that a business targets to satisfy through their goods or services. Therefore when a business targets a specific market niche; it intends to address the need for a product or service that most business have neglected yet is required. Looking back at the shoe shops, they all had the same target market; ladies. The shoes they all sold were the same so no shop can qualify for a specific niche market. With this, competition becomes stiff and making healthy becomes a gamble. A business without good profit struggles to survive and may end up being dissolved.

It is therefore important for an entrepreneur to study the market carefully and the available products for that market. With this information; tailor make the products you intent to supply for a specific market niche, away from what every other business in town is providing. With this, you are assured of a specific customer base and subsequent growth of the business due to good profit.

Carving Your Niche Market
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