Niche Marketing:
A niche market which you called subset of the market. Where we focused on specific product. Also we can say that a niche market must satisfy specific market needs. Where we have to fulfill criteria like Price Range, Production Quality, Demographic that is intending to impact. That is called niche.Example 1
For example BMW car is a niche product and only a small segment of the market can afford it. So we are going to target at specific people you can say rich people who can buy it. That's example of Niche.
Example 2
A training expert of sales in US(America). Let's suppose he trains student for financial planning. He teach them how to generate Referrals from customer at the close of selling process. Now we call him specialize in one minor part of sales process only.
Micro Marketing:
Micro marketing is a marketing strategy in which promotional strategies are focused on a small group of consumers. e.g. a labor or a rich man those are specific called Micro marketing.Comment replyExample 1
Like the comment we receive Niche marketing only target specific peoples but in Micro Economic make decision according to the government and taxes policy. Also Micro economics take supply and demand into account.
In Micro marketing, targeted audience captured by company by specific attribute. For example occupation, working class of good salaries etc.
Example 2
Another example of Micro is; you have to market your product to the specific people. Like safety belts used by engineers so we market that near them. Special Foods used by special people so we market near them.
Write us examples so we can extend that topic too. Below is comment box 1 example appreciated.
4 Comments
They are both strategies, but do you mean that niche marketing target specific group of people and Micro economic do the same but more specifically? does the niche marketing takes the location into consideration?
ReplyDeleteIf considered about the flow first it is Mass Marketing then Segmented Marketing then Niche Marketing (Concentrated Marketing) and finally it is Miro Marketing.Micro Markeing can be done by specifying by individual or by geographic location.
ReplyDeleteFor example, Pepsi inc. invent Pepsi diet soft drink for those who had diabetics. This the maicromarketing for individual consumers
ReplyDeleteA niche market which you called subset of the market. Where we focused on specific product. Also we can say that a niche market must satisfy specific market needs.
ReplyDeletePlease add nice comments or answer ....