Description
EXECUTIVES CAN LEARN from the people of Africa, who realized there are two ways to cook an elephant. Either you make one pot big enough to hold the entire animal, or you cut it up in little pieces and cook it in a lot of little pots.
Markets are different from elephants, of course. Cutting up a market into small niches often leads to a sum greater than the original market. Some refer to serving smaller segments as niche marketing. Others claim it's target marketing. Still others call it market segmentation, micromarketing or regional marketing.
Don't let terminology obscure a sweeping trend-firms are focusing on smaller and smaller target markets. There are no more mass markets. As one advertising executive says, "There will be no market for products that everybody likes a little, only for products that somebody likes a lot."
There is competition out there. Your competitors are ready (if they are not already doing so) to outniche you by customizing their products or services for various niches of your market. Here are some guidelines to help you initiate and sustain a successful niche marketing strategy. ISBN:MANAGERSHANDB
