Darmar pursues a Niche strategy by supplying small retail outlets with Indonesian artifacts. This is a niche market because the small retail outlets find it difficult to import the artifacts into United States from Indonesia and the artifacts also are difficult to be produced in large numbers for wholesalers. This provides Darmar with a market where there are no competitors hence the potential to supply the artifacts to small retailers. Essentially, the business is advantaged because good relationships have been established by the designers of the artifacts who are mostly people her family is close with. Darmar has it as a targeted part of the market where she understands the needs of both his customers and suppliers. This is illustrated in the ability to make the designers create what her market requires.
An article written by Wong-MingJi (1999), niche markets are not addressed in detail by the mainstream providers hence it is easy to focus on a specific client’s group hence ability to satisfy them. This defines the kind of products that you offer since competition is low or unavailable. Designs are customer oriented since the needs of the customers determines what to be targeted in the market. Darmar has completely identified the needs of her customers and how difficult it is for them to successfully access the resources to use in their businesses. The larger wholesalers find it difficult to mobilize the Indonesians to achieve mass production of the artifacts hence do not supply it to retailers. With a complete understanding of her environment and needs, opportunities created by this niche market have well been served by her. Potential clients have been identified and hence providing a chance for Darmar to position herself well in the market.
Inhaltsverzeichnis (Table of Contents)
- Niche Markets: Opportunities for Growth?
- Darmar's Niche Market Strategy
- Advantages of Niche Markets
- The Importance of Understanding Customer Needs
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This text examines the potential for niche markets to drive business growth. The author analyzes the case of Darmar, a company specializing in providing Indonesian artifacts to small retail outlets, to illustrate the advantages of serving a niche market. The main themes explored include:- The importance of understanding customer needs in niche markets.
- The potential for rapid growth in niche markets with limited competition.
- The role of customer loyalty in niche market success.
- The benefits of establishing strong relationships with suppliers in niche markets.
- The need for careful analysis of market demand, capital requirements, and product quality in niche markets.
Zusammenfassung der Kapitel (Chapter Summaries)
- Niche Markets: Opportunities for Growth?: This chapter introduces the concept of niche markets and discusses their potential for business growth.
- Darmar's Niche Market Strategy: This chapter examines the case of Darmar, a company that has successfully identified and served a niche market for Indonesian artifacts in the United States. The chapter discusses Darmar's unique approach to understanding and meeting the needs of her customers and suppliers.
- Advantages of Niche Markets: This chapter explores the key advantages of serving a niche market, including reduced competition, greater customer loyalty, and the potential for rapid growth.
- The Importance of Understanding Customer Needs: This chapter emphasizes the importance of understanding customer needs in niche markets and how this knowledge can be leveraged to develop successful strategies for market penetration and growth.
Schlüsselwörter (Keywords)
The core concepts and themes of this text revolve around niche market strategy, customer needs, market analysis, business growth, and the importance of understanding and serving a specific segment of the market.- Quote paper
- Peter Maine (Author), 2011, Are Niche Markets Opportunities for Growth?, Munich, GRIN Verlag, https://www.grin.com/document/267609
