A MARKET FIT FOR YOUR PRODUCT
In today’s world marketers in order
to gain more profit out of their
product, promote the product and
try to take advantage of economy of
scale by standardising the product.
So is there any scope for Niche market
in present world? Why should
a company go for Niche Marketing
rather than Mass Marketing?
Above questions are really troublesome
for a marketer and the solutions
to them are never easy. There is no formula to define
that either Mass Marketing or Niche Marketing is more
effective. We can only analyse that under what conditions
a Niche Marketing can turn out to be an effective tool to marketers.
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There is a lot of healthy examples of Niche
Marketing with specified target group
and making most of its product specialization.
For e.g. Krack cream from Paras
Pharmaceutical is one of the examples of
having a niche market product. It clearly
targets women with cracked feet and it
is very specific in the sub-segment with minimal
competition.
If one is allowed to think of a competitor, it would be
hard to do so. Krack cream has been a successful venture
in Niche market. As a 25 gram Krack cream tube would
cost around INR 61 whereas 25 gram tube of “Fair and
lovely advanced Multi Vitamin Fairness solution” would
cost only around INR 47. This is a clear contrast effect of
a Niche marketed product and a mass marketed product.
Krack cream may not be as popular as Fair and lovely but
earns more, makes more out of the same quantity, reason
being it is a specialised product and the need for the two
products are different so it exploits its Niche market presence
in the segment.
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With the advancement of technology
and globalisation the products
will keep on becoming cheaper and
better but Niche Market will keep
on enjoying its premium position.
Marketers need to keep on promoting
their product in a creative and
comprehensive manner. Marketers
should also keep trying to bring
some changes in the product with
time. No market is safe against
competition, as competition is bound to creep in and
make a niche market product a mass market product, as
has happened in case of “Iodex”. So it is very important
that marketers keeps a keen watch on changing trend and
keep positioning and repositioning its product in order to
cater to larger consumer base in niche market before it
gets crowded by fresh competitors.
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