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Example research essay topic: And Market Niche Marketing Hw - 1,470 words

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Compare and contrast market segmentation and niche marketing. Hw would a small business we g abut using market segmentation and niche marketing t gain competitive advantage? Market segmentation is a useful business tl t identify new and expanded ways t improve services and enhance revenues. This tl identifies unique subsets f the population t target fr specialized services and marketing initiatives. There are many approaches t segmentation, including primary research, demographic (life stage) analysis, financial analysis, product purchasing pattern recognition and channel usage.

ne way a marketer can use segmentation is fr planning business and marketing strategy. This can rake many frm's, including syndicated research samples, primary research and database research. However, if ne is trying t assess such things as marketplace positioning, competitive positioning r category consumption, primary research can be used. In this setting, a segmentation developer uses the importance level f attributes such as price, quality, selectin and service t determine consumer segments that value these attributes differently. In addition, fr sme analyses, yur company is rated relative t competitors n these attributes. The segmentation exercise will define consumers with similar importance attribute weightings and may als include information n the competitors these consumers frequent r value.

f particular interest are yur company's relative ratings n the attributes fr each segment, the size f the segment and the that industry consumption f each segment. nce this is determined, competitive strategies can be developed t address the needs f specific segments. A niche market is a focused, target able print f a market. By definition, a business that focuses n a niche market is addressing a need fr a product r service that is nt being addressed by mainstream providers. ne can think f a niche market as a narrowly defined grup f potential customers. Why should a small business better t establish a niche market?

Because f the great advantage f being and there; ther small businesses may nt be aware f sme particular niche market, and large businesses will nt want t better with it. The trick t capitalizing n a niche market is t find r develop a market niche that has customers wh are accessible, that is growing fast enough, and that is nt we by ne established vendor already. A niche will give all marketing efforts a natural, sharp fcu's. The mre a business specializes, the mre the market will see the value f its services because they speak directly t their unique situation. Assuming a business niche is large enough, ne can d quite well by being a provide f prduct's and services that can be fund anywhere else. Many entrepreneurs think that selling t the widest possible market is the likeliest path t success.

They are afraid t pursue a market niche because they fear they will lse business by turning away customers. However, this 'take all cars' approach is nt very effective. It is hard t stand ut when the market yur business is in is with a distinctive set f projects in mind. copying a niche means that a business will nt be competing with many ther similar businesses sell n price. Because this business will be selling prduct's and services that are customized t the specific needs and predispositions f a select grup f people, it can free charge mre. These prduct's and services serve a market that can easily find alternatives.

Explain the market research press frm a small business wner's perspective when he r she is trying t gain competitive advantage. Marketing is the press f creating customers fr yur services in enough quantity and in a timely fashion t generate profits and be successful. The problem is that many small businesses d nt understand the basic principles f marketing, r somehow feel that can afford the "luxury" f marketing and advertising. Yet, n matter hw gd yur service is, hw extensive yur referral base r hw great yur location, t remain successful against yur competitors yu must develop a marketing strategy. Marketing is an investment in the future f yur business. There are three components t developing a marketing strategy: Segmentation r "Wh can I sell my services t?" Targeting r "Wh am I ging t sell my services t?" Psitining r "Hw am I ging t sell my services?" By answering these "STP" (segmentation, targeting, positioning) questions yu can develop a basic marketing strategy.

The first step in developing a marketing strategy is segmentation. In re t understand wh ne can market yur services t, he / she must understand and analyze his / her industry in yur area f practice. The send component f the marketing strategy, targeting, defines yur competitive site. Wh will yu sell yur services t? The final, and mst critical, step is positioning and communicating marketing strategy t employees and customers. As the saying ges, "First impressions last a lifetime. " ne must concentrate n his / her first impression encounter pints and be sure they communicate yur strategy effectively.

These encounter pints include: Wrd f muth Telephone contact Employee contact External and internal signage External grund's The external and internal facility Advertising Web sites Explain the importance f king the legal requirements f an area before attempting t pen a small business. T perate a business legally ne needs t meet all the laws fr pirating a business in yur country and local community. In the United States that means the laws f the federal government, state gvernment's f every state in which yu d business, and in many leaves, even city and / r county laws governing business peration. Fr the U. S.

government, mst businesses are ging t need an Employer Identification Number even if they dn't have employees. The Internal Revenue Service (IRS) provides clearly written documentation f what is required in terms f reporting. ther agencies may als have legal requirements. If yu a business has employees, it will als have last laws that will need t be flower. The Small Business Administration perate's local ffice's in every state. These ffice's can be a great source f information abut ther local regulations.

Nt nly are there laws and regulations governing the actual registration f the business and the business name, but there may als be licenses and permits needed t perate certain types f businesses. Fr instance, a restaurant may need health department r linux licensing, a hair stylist may need t be licensed within their profession, r a child care service may need t have special permits frm social service r educational agencies. A company we may want t trademark their business name and / r lg. It is wrth taking a lk at patents, copyright, and trademarks t find ut hw t project that valuable name yu worked s hard t case. Business we needs t carefully case an integral part f his / her legal structure - what kind f business des she / he wants t have.

The choices are a sle proprietorship, a business partnership, a limited liability company (LLC) r a crpratin. The legal structure is nt permanently binding, but there can be complications in changing s consider it carefully. What factors should be considered when a small business we decides t advertise? Small business advertising is a science and an art. Companies free miss the fundamentals f advertising. Regardless f the size f a business an understanding f the laws f advertising can reap huge rewards.

Fr mst small businesses, big advertising campaigns are just t expensive. n the we they are usually used by large rganisatins, and aimed at a very large market. Small businesses, by nature, have a small market and need t table their marketing and advertising accordingly. Ideally, small business advertising should t be practical by nature and easy t implement. T be effective it should reach business target market its best customers. S the first thing ne should d is lk at existing advertising and compare it with the customer prices.

It is wrth considering whether business ads have been pitied in the places where best customers will see them. There is n pint in wasting my in advertising in places where it will be ignored r nt seen by the people that need t be attracted. Business wner's should try t identify sme can fact and his / her customers and then see if there is any particular publication r venue that he / she can use t place ads. Bibliography: Understanding segmentation: A users' tutorial on working with strategic and tactical segments - Database Marketing Column; Direct, March 1, 2002 by Brad Rukstales Niche Marketing the Affiliate Way - Industry Trend or Event.

Home Office Computing, March, 2001 by Lisa Roberts Personal Appearance - small business advertising and marketing tips - Brief Article. Entrepreneur, April, 2001 by Jerry Fisher web


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Research essay sample on And Market Niche Marketing Hw

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