Year: 2017 | Month: Jan.-March | Volume: 1 | Issue: 1 | Pages: 73-80
The Niche Marketing Strategy Constructs (Elements) and its Characteristics - A Review of the Relevant Literature
Fazal Akbar, Dr Abdul Razak Bin Omar, Fazli Wadood, Rosmaini Bin Tasmin
Faculty of Technology Management and Business University Tun Hussein Onn Malaysia 86400, Johor, MalaysiaCorresponding Author: Fazal Akbar
This paper is based on the premise that it is important to understand what niche marketing is; what its elements are, and also to know about the characteristics of niche marketing strategy. Essentials elements for a niche marketing strategy include segmentation, and positioning. The main purpose of the niche marketing is profitability, adherence to the marketing concept, relationship marketing practices, and building company reputation based on long term mutual benefit with its customers. Small firm must incorporate these ideas and become guerrilla marketers to compete successfully in markets dominated by much larger companies. To overcome these problems and potentially make effective use of niche marketing as a marketing strategy, the literature needs to advance a common definition, comprehensible elements, and most certainly common characteristics.
Key words:Niche marketing, elements, characteristics, profitability, sustainability.[PDF Full Text]