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Bba 2020 23 (3rd) term paper 100 (aditya raj)

Term paper on the title- Perception of consumers towards niche marketing.
Submitted to
Amity University Jharkhand
I, Aditya Raj student of Bachelor of Business Administration hereby declare that the Project
titled “Percept...
On the basis of Project Report submitted by Aditya Raj, a student of Bachelor of Business
Administration, I ...
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  1. 1. 1 Term paper on the title- Perception of consumers towards niche marketing. Submitted to Amity University Jharkhand AMITY BUSINESS SCHOOL AMITY UNIVERSITY JHARKHAND RANCHI September 2021 In partial fulfillment of the requirements for the award of the degree of Bachelor of Business Administration Submitted By Aditya Raj A36106420027 Under the guidance of Siddharth Raja Halder AMITY BUSINESS SCHOOL Amity University Jharkhand Ranchi
  2. 2. 2 DECLARATION I, Aditya Raj student of Bachelor of Business Administration hereby declare that the Project titled “Perception of consumer towards niche marketing” which is submitted by me to Department of Management, Amity Business School, Amity University Jharkhand, in partial fulfilment of requirement for the award of degree of Bachelor of Business Administration, has not been previously formed the basis for the award of any degree, diploma or other similar title or recognition. Amity University Jharkhand, Ranchi Date: 28.08.2021 Sign. of the Student: Aditya Raj Name of Student: Aditya Raj Enrolment Number: A36106420027
  3. 3. 3 CERTIFICATE On the basis of Project Report submitted by Aditya Raj, a student of Bachelor of Business Administration, I hereby certify that the Project Report “Perception of consumer towards niche marketing” which is submitted to Department of Management, Amity Business School, Amity University Jharkhand in partial fulfilment of requirement for the award of the degree of Bachelor in Business Administration is an original contribution with existing knowledge and faithful record of work carried out by him under my guidance and supervision. To the best of my knowledge, this work has not been submitted in part or full for any degree or diploma to this university or elsewhere. Amity University, Ranchi Date: 28.08.2021 Signature of Guide (Internal) Mr. Siddharth Raja Halder Assistant Professor Amity Business School, Ranchi Amity University Jharkhand, Ranchi
  4. 4. 4 ACKNOWLEDGEMENT I would like to express my special thanks and gratitude towards Mr.Siddharth Raja Halder sir our guide and faculty for the subjects Non Teaching Credit Course (NTCC),who helped me in completing my projects. I came to know about so many new things and for that I am really thankful to him. Without his guidance it might be difficult for us to complete this research paper. Secondly I would also like to thank my parents and friends who helped me a lot in finalising this projects within the limited time. Aditya Raj Amity University Ranchi A36106420027
  5. 5. 5 Preface The purpose of conducting this research is to understand and give information on perceptions of consumer towards niche marketing and how consumer perceives about niche marketing this research paper also gives information about components of niche marketing, concepts of niche marketing, positioning of products in niche marketing, survey and analysis on niche marketing, niche marketing or narrow marketing techniques for modified businesses, smart marketing techniques for niche businesses, as a part of BBA course and in orders to boosts up knowledge in the field of management. By collecting informations from different websites we have conducted and make a research paper on the topic perception of consumers towards niche marketing. This research paper is based on primary data and the survey is analysed and conducted on secondary data. Niche marketing is beneficial for companies and entrepreneurs up to some extents or it totally depends on companies or entrepreneurs that how they utilise niche marketing strategies.
  6. 6. 6 Contents Page no. 1.Cover Page 1 2.Declarations 2 3.Certification 3 4.Acknowledgement 4 5.Preface 5 6.Weekly Progress report 8-9 7.Abstract 11 8.Introduction 12 9. Literature Review 12-13 10.Objectives of Research 14 11.Research Methodology 14 12.Survey on niche marketing 14-15 13.How do consumers perceives niche marketing? 15-16 14.Components of niche marketing 17 15.Advantages and disadvantages of demographic 18-19 divisions 16.Illustrations of demographic divisions in marketing 19-21 17.Geographic divisions 21-28 18.Behavioural divisions 28-30 19.Psychographic divisions 30-31 20.Positioning of products in niche marketing 31-33
  7. 7. 7 21.Concepts of niche marketing 33 22.Narrow marketing technique for Modified businesses 33-34 23.Smart marketing techniques for niche businesses 34 24.Findings 34 25.References 35
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  11. 11. 11 PERCEPTION OF CONSUMER TOWARDS NICHE MARKETING Aditya Raj Amity Business School,Amity University Jharkhand Abstract- This research paper is based on primary data. Niche marketing means targeting any particular class of customer for example, if Samsung wants to make phone for only middle class people in India so Samsung company will make phone starting from the range of 5000- 30,000 so that more middle class people can buy Samsung phone and this will help company to earn more profit. Components of niche marketing are Segmentation and positioning. In concepts of a niche marketing company or a firm focus on only one group of customer rather than focusing on different class of customer in marketing segmentation company makes products for different class of people and in positioning company and firm have to explain that what this product is all about how it looks like what are its uses how its works what are its benefits what are the purposes of use its products whether this product is affordable for all types of customers or not. This research paper is all about literature review, research methodology, research objectives, introductions and explanations about how consumers perceive niche marketing. In the components part different types of segmentations have been explained and about positioning of products has been also explained. This research also focuses on surveys and also it explains about niche marketing or narrow marketing strategies for modified businesses. It also talks about smart marketing techniques for niche businesses. In this paper survey has been explained and analyse on secondary data. Keywords- niche businesses
  12. 12. 12 Introduction A niche market can be explained as the division of a market in which a particular product is aimed. The market explains product characteristics focused at fulfilling the particular market requirement as well as the price dimensions, manufacturing attributes and the population that is planned to target. It is also a smaller market division. Products and services can be produced completely at an interval to fulfils a niche market. All the products cannot be explained as a niche market. The niche markets are extremely functional and are focusing on survival in the market so that they can able to face the competition easily from various large companies. However, organised companies manufacture products for various niches. Hp(Hewlett Packard) has a special printing, Scanning and faxing machine for offices and homes and on the other hand they have another machine for huge businesses with these similar functions. In rehearsal goods suppliers, buying and selling of goods and services are known as regular providers of goods and services or the service provider for a specific class of people. Smaller amount providers generally select niche markets with limited populations or with limited classes of people as a means of growing their money making by dividing income by revenues. Niche marketing can be also explained as concentrating various marketing struggles regarding a particular class of people. Niche marketing has not been created by anyone but it can be created through advance marketing so that it can help to sustain in the market for longer duration. Examples of niche marketing are as follows Woodland companies make rough though shoes for party wearing and for rough tough use and if woodland wants to target only specific class of customer then either woodland company will make shoes for only women or it will make shoes only for men and if woodland shoes makes shoes only for women rather than making shoes for men then it is considered as a niche marketing. Literature Review The tough competition needs the analysis of the modern market liberty and one of these strategies is to split the big market into smaller markets and focus on it in such a way that it would create a conservative situation for the improvement of enterprise as it is said by Dalgic and Leeuw in 1994. In insertion there is an indicator for the reason for choosing niche
  13. 13. 13 marketing in almost every manufacturing plant for instance aiming on intensely comfortable for the markets For the enterprise investment gains compare favourably to its cost developing and improving the brand during a short period of time and searching different areas and chance for expanding the enterprise in inclusion to various number of purposes interconnected to prior to the declared ones by Miller in 1986 Clarke 3 in 2007 Thilmany in 2009 Walker Sands Communications 2011. Business Dictionary in 2011 explains niche marketing as a corporate technique which analyses specific smaller markets and perfectly explained segments and aims on these small segments of the markets and customising a product to focus on a particular class of customers. Attentiveness on the smaller and recognisable market so as to acquire the popularity in this specific segment by Dibb and Simkin in 2001. In turn the purpose of this is to improve the market segmentation which will permeate the available requirements to create demands in an already prevailing big market by utilising various methods by Gisheker in 2007 by Shahni and Chalasani in 1992. To often and Homerville in 2010 as well as Entrepreneur Media in 2011 note that the specified niche market should be compatible and linked with the company's abilities and providing. Although niche marketing can restrict the overall prospective deals, on the other hand it will surely boost up the glory of the products and services for the specific class of people by Green and Krieger in 1991 by Clarke 3 in 2007 and by Dry pen Community in 2010. According to the ward in 2010 he explained that a niche is a shorter division or a second division of the huge market which often can be explained on the market feature as an oligopoly one as it is explained by Bailey and Ward in 2009 as well as by Mazzeo in 2002. According to Roller and Sickless in 1993 and according to Dutta and Pal by 2007 they observe that there are different varieties of opportunities and scope for searching the considerably suitable niche. The illustration involves aiming on fulfilling the requirements of a specific type of customer particularly in only a fixed stage of distribution cycle aiming only at supplying to a fixed class of people and also focusing at a specific geographic area explained by Shahni and Chalasani in 1992 and by Schwart et al in 2002. Objectives of this research paper
  14. 14. 14 The objectives of this research paper is to explain on these topics and to explain the components and concepts of niche marketing. This research paper also focuses on different types of segmentation and it also focuses on different strategies of niche marketing. This research explains the niche marketing idea about the specialised business and it also tells about the smart marketing strategies for niche businesses. Perception of consumers towards niche marketing has been also explained with various examples and it also focuses on components of niche marketing and on various segments of niche marketing also this research paper also explains survey on secondary data. Research Methodology This research paper is based on primary as well as on secondary data. A variety of information has been collected from different sites and from different pdf to understand more about the topics and its various aspects for writing research papers on this topic survey has been conducted through primary data. For understanding the various components of this topic different sites and different pdfs and research papers of different authors have been referred and survey has been conducted on secondary data. Survey on niche marketing Source- Ecomdash.com
  15. 15. 15 In this bar graph we can see that in the year 2007 global retail sales of clothes and footwear was above US$160 million and it was between US$160 and US$200. The global retail sales of food in the year 2007 was in between US$160 billion and US$200billion the global retail sales of toys in the year 2007 was in between US$200 and US$240 and the global retail sales of health and personal care in the year 2007 was in between US$200 and US$240. In the year 2008 global retail sales of clothes and footwear was in between US$160 and US$ 200 the global retail sales of foods in the year 2008 was in between US$200 and US$240 the global retail sales of toys in the year 2007 was in between US$200 and US$240 and the global retail sales for health and personal care was in between US$200 and US$240 the global retail sales of clothes and footwear in the year 2009 was in between US$160 and US$200 the global retail sales of foods in the year 2009 was in between US$200 and US$240 the global retail sales for toys in the year 2009 was in between US$200 and US$240 the global retail sales for health and personal care was in between US$200 and US$240. Global retail sales for clothes and footwear in the year 2010 was in between US$160 and US$200 global retail sales for foods in the year 2010 was in between US$200 and US$240 the global retail sales for toys in the year 2010 was in between US$200 and US$240 the global retail sales for health and personal care in the year 2010 was in between US$240 and US$280. The global retail sales of clothes and footwear in the year 2011 was in between US$160 and US$200 the global retail sales of food in the year 2011 was in between US$200 and US$240 the global retail sales of toys in the year 2011 was. In between US$240 and US$280 the global retail sales of health and personal care in the year 2011 was between US$240 and US$280 and so on. How do consumers perceive niche marketing? Many customers take niche marketing in a positive way and many customers take niche marketing in a negative way. Many big and small enterprises use niche marketing strategies so as to sustain in the competitive market. So as to satisfy customers' needs and wants but how customers think about niche marketing it totally depends on them because many customers want different types of products at a less price and many consumers want only specific products at a less price. Majority customers may not be satisfied from niche marketing because this marketing target only specific class of customer and only specific types of products so it do not satisfy all class of customers but it satisfy only particular class of people so many customers think about niche marketing in a negative way but niche marketing is helpful for start up
  16. 16. 16 companies, startup enterprise, small enterprises, small companies to compete with the bigger companies and with the bigger enterprise and to remain sustain in the market. Niche marketing is very helpful for these small and startup enterprise companies to expand their businesses for the long run because if they start their business by using the concepts of niche marketing then it will help them to earn more profits as they focus to satisfy the needs and wants of only particular class of customers and the profit that they earn by using the concepts of niche marketing will help them to expand their business and this will help them to target different class of customers to satisfy their different wants and needs. Perception of consumer towards niche marketing also depends upon the enterprises also that enterprises are providing quality products services or not to the targeted class of peoples whether they are providing specific products to the targeted class of people at an affordable rate or not whether they are able to meet the requirements of targeted class of peoples or not whether the customers are satisfied or not with their specific products these all factors depend on the perception of consumer towards niche marketing. For examples earlier HTC are making phones only for rich class of people starting from the range of Rs50,000 to Rs90,000 and due to this high price and only rich class people can afford HTC Phone but when company see that they cannot able to make huge profit and also not able to sustain in the market in India because of large number of middle class people and population. To sustain in Indian market HTC company thought that rather than making phone for rich class people they should make phone for only middle class people so that they can able to sustain in Indian market so they start making phone starting from price range of Rs5000 to Rs30,000 so this strategy help HTC company to sustain in Indian market and this will help them to satisfy needs of targeted peoples ie middle class peoples so niche marketing also helps bigger companies to sustain in the market for longer period of time. These factors also depend on the perception of consumers towards niche marketing and this will make customers think in a positive way about niche marketing as it will satisfy their needs and wants. Customers Perceptions towards niche marketing also vary from location to location and also population to population whether it is a middle class population or whether it is a rich class population in that country. Existence of niche marketing also depends upon the entrepreneurs also whether they want to use this strategy or not.
  17. 17. 17 Components of Niche Marketing Necessary components of niche marketing are segmentation and positioning. Types of segmentation are Demographic segmentation, Geographical segmentation, psychographic segmentation, Behavioural segmentation. Demographic Segmentation Demographic segmentations divides customers and different product purchasing customers into various aspects like age, gender, occupation, and family condition. It is a reachable type of market division as it needs less information to execute as compared to psychographic division or behavioural division although contributing to more particular quality than geographical division. There are several techniques to divide market by utilising demographics. There are several components demographic divisions are- 1.Age 2.Gender 3.Nationality 4.Income 5.Educational Stage 6.Religion 7.occupation 8.Family layout The easiest method to select demographic division by utilising components like age gender income however there are various non featurestics distinctions that they are specifically aiming for. Income and family structure are specifically utilisable aspects for retailers permitting them to select several classes of customers that may be attracted in buying particular goods and services. Business to Business marketers although mostly they are trusted on occupational division to make sure that they are marketing their goods to the customers who really buy their goods and services for their company instead of those people who have no buying capacity like an intern. Advantages of demographic divisions
  18. 18. 18 1.BetterExpressions- A divided market permits marketers to represent various information to various demographic divisions. The identical goods can be presented in various types. For example a car can be marketed in this way like a car can be a family friendly to parents however husband wife without children a marketer tells them some other benefits like this car is suitable for long drives and for long holidays also. Like this marketing ideas should be presented in a better way. 2.Maximising goods importance- By maximising goods importance marketers make sure that customers watch their marketing techniques which can be represented with goods and services which can be useful to them. An advertising presenting a non halal meat goods to a Muslim will separate the risk and peoples don’t buy for company and enterprises in future. 3.Increasing advertisement level- By understanding illustrations mentioned above marketers have misused their money in the presentation of non halal meat products to the Muslim customer as they will not buy their products. Demographic division permits marketers to focus on the specific class of people and make sure that money will be less misused in advertising. Disadvantages of Demographic division are as follows As explained in the above mentioned statements, demographic division will not be the correct steps for everyone. As marketers are targeting primary information that does not include genuine public habits and willingness and its efficiency is restricted. 1.Minimum reach- For instance there are 3 customers in similar demographic divisions so it's not that they need similar goods.
  19. 19. 19 2.Utilising incorrect demographic data- In few circumstances utilising every demographic variable is of no use. For instance if marketers are trading highly luxury goods, division of the market by profit earnings creates good impressions on marketers. If marketers are foods in the market by dividing gender then it is of no use. Demographics regulate a crucial part in recognising the specific publics however it is necessary to merge demographics with different categories of market division to obtain the overview. Illustrations of Demographic divisions in Marketing As there is such a huge category of demographics that marketers utilise in dividing their markets there are varieties of ways for using this technique. Some illustrations of demographic divisions are as follows- Division depends on age It is not considered as a universal truth, it is okay to comment that customers of various ages have various types of needs and wants. By considering these things marketers plan their marketing strategy which may be a good technique for them. Division depends on income and occupation A marketing instruments which is very capable to divide occupation and demographics like Income bracket and the stages of education that the people have achieved. Most of the time marketers use it to target students and it is easy to divide as they have unique needs and wants. However income affiliated divisions are the maximum utilised techniques. Marketers observe that this tool is very capable as persons in various income categorisation can have significantly various methods for buying. Roughly speaking, those customers who
  20. 20. 20 are in lower categorisation mostly get influenced by the amount of goods and services on the other hand. Customers who have a good earning capacity will purchase better quality goods and services. Division based on family background The last category of demographic division that marketers find is family background and their life stages. The needs and wants of family members varies as compared to the needs and wants of individuals. Observing the marital status and family background (for example family members have how many childrens) and the life cycle of each and every family member. It includes the education level of their children and whether the customers are purchasing a house or they live on rent in case of rental whether they are paying their rent or not. At the time of COVID 19 pandemic department store of kohls perfectly represented and assumed Back to school operation and they both speak to their parents that they must purchase instruments and materials for the newly established school however they also ensured that the situation that they are tackling and the department of kohls aimed that children can able to go to school and they should also have the access to learn from home during this pandemic. Division affiliated to cultural conditions Demographic division also permits marketers to divide their persons based on their nationality, religion, and income. Although it is the widely utilised functional tools for those marketers who work in the food sector, specifically for those businesses which trade in foods and product services from particular recipes. WaNaHong is an online Asian supermarket dealing specifically with Asian people living abroad in the United Kingdom. Their websites represent many similar goods and services from China, Japan, Taiwan and other Asian Countries and they also focus sincerely so that their customers get satisfied and also provided with the tag lines that their products are represented in both the languages in English as well as in Chinese. Division affiliated to gender
  21. 21. 21 Particularly gender marketing can be a useful tools when implementing it in a particular way but it is necessary for marketer to think that they give correct information about their products. Pen producers bic was called two times for utilising lethargic techniques to sold to womens first they manufacture a bic of her and that was no less than a pink pen and secondly besides an international women’s day operations and this operations give message to women “look like a girl” “behave like a lady” “perceive like a man”, “perform like a superior”. When a marketer is performing a task of gender marketing then it doesn’t mean that to play with gender patterns however their main aim is on doing perfect, efficient and focused marketing. For instance our client war paint for men’s cosmetics products that gives understandable and efficient marketing regarding their selected marketing division from the product name to the representation of the explaining and their words are clearly understandable. Division affiliated to age The images shown by the marketer in which holiday scenes are peaceful and beautiful, the persons were presented in the stylish shots and are perfectly focused in stylish shots and are perfectly focused customers’s age dimensions and company went out of the track to represent unique selling propositions which are necessary for their age divisions, airport pick up door to door travel service, insurance etc. It is not important that it will suit to all above 50 years old but those who still want to engage themselves in exciting tours and adventure and these are not chronicle focused markets anyway so utilising demographic division in marketing and this techniques makes a lot of meaning. Geographic Divisions Geographic division includes dividing your customer according to their region where they live and work. This can be performed in various ways by dividing customers according to the country, small geographic segmentation, from one place to another place and postal code of their place where they live.
  22. 22. 22 Geographic division may be the easiest way of dividing market so that marketers move their head all around although there are several ways that can be utilised that companies neither think regarding it. The square feet of the area that the marketer aimed at and it must be changed as per the requirements of the business, honestly saying greater the size of the business larger the area that marketers are focusing on it. After this among the huge number of audience, focusing on each and every postal code of that area is not a suitable way. There are total six components of geographic division that can be utilised to generate customer division- 1.Location (country, state, city ZIP code) 2.Timezone 3.Climate and season 4.Cultural Preferences 5.Language 6.Population category and density of population (urban, suburban, exurban or urban) Advantages of geographic division are 1.Simple to execute- Geographic division is not same as various types of market division (particularly psychographic and behaviour divisions) as it requires less information. 2.Greater connections of goods and services- This strategy not only helps in increasing trade but also establishes a good connection between customer and business. Representing similar products to the persons develops customer perception about the products and also improves customer satisfaction and decreases the level of hard work that they are required to give input.
  23. 23. 23 3.Developing advertisement efficiency- By introducing a large number of focused advertisements and marketers make sure that most of their marketing expenditure should incur on targeting their potential customers who are interested in their buying products rather wasting on those customers who don’t have interests in buying their products. It is not right to comment that most of the time implementation of geographic division is the perfect idea to execute. It has particular utilisation for particular businesses and industries. Smaller enterprises manufacturing their goods and services local locations and it will give advantages to the marketers to focus on their marketing in these local locations. Large enterprises with their goods and services and if these enterprises have their customers' attraction in their business area or in that particular location then it also gives advantages to the entrepreneur. An international producer of huge four wheel drive vehicles they can able to focus on more consumers as well as they can also able to sell their products in rural areas because peoples can able to drive more comfortable in rural areas as compare to drive congested in city streets. Although businesses who deal in their goods and services don't depend on particular locations to sell their products then they don’t get advantages from geographic division. Customers of corn flakes are more common in one region and in other regions also. Geographical boundaries by which to divide 1.Location- The most obvious thing is that dividing by location gives a lot of choice to the entrepreneur and to the marketer. It can be a town, any other cities, countries, or any other countries or even various continents also. This can be utilised to recognise a new geographic location where marketers or an entrepreneur can expand their business.
  24. 24. 24 2.Climate or an environment- Dividing by climate helps entrepreneurs and marketers to recognise where the climate is suitable for selling and manufacturing their goods and services. 3.Culture- When describing their focussed markets marketers have to take care of different culture variations and sentiments. For instance in western countries white colour represents purity, dignity, peace and cleanliness. Although in china white colour means death, sadness and bad luck. 4.Populations- Entrepreneurs and marketers can also target densely populated or different categories of populations in towns, areas, or cities. For instance fitness chains will never establish gym in rural areas but demographics strategies can be implemented to focus on the interested customers. 5.Urban, suburban and rural- These three various environments require various and particular marketing techniques as consumer requirements are different. Consumers living in towns and cities have more buying capacity as compared to people living in rural areas so products are more costly in urban areas as compared to rural areas. 6.Language- Not all the countries in the globe want products to be marketed in English. If entrepreneurs and marketers are running marketing operations as it is necessary to do marketing in local languages also. Marketers or entrepreneurs must ensure that they are well prepared to enter into the market if they give information about their products in local languages or languages required to do marketing according to that area, specific area or locations and if they don’t
  25. 25. 25 follow this things and they continue to do marketing of their products in English languages they they. Can't be able to do marketing for a longer period of time in that area. Examples of geographic divisions are as follows- Division depends on location However all geographic divisions include dividing consumers by their area where they reside and where they work. Marketers and entrepreneurs must ensure that their goods and services should be available to that particular location. This strategy is very helpful for entrepreneurs as well as for marketers to establish their infrastructures so that they can able to provide goods and services to their consumers in those particular areas and in those particular boundaries. The food box subscription facility oddox has their infrastructure inside the area of London in recent years. Although they have now expanded their business in other towns and cities also, Brighton. For huge worldwide brand divisions by country it becomes more necessary. One brand that most of the time shine their products to most of the countries Is Mac Donald’s. Utilizing geographic division, marketers and entrepreneurs were able to focus on consumers who purchase goods and services for their firms residing in towns and cities and they also promote their products through social media so that they can able to target their potential customers in those towns, cities, or in rural areas. Oddbox targets their potential customers frequently. But after advertisements also consumers are still not aware of their services and recently people start utilising their goods and services and now the products and facilities are provided to the consumers also. Although advertisements has utilised to represent the whole nation however few brands select to advertise their goods and services for the local areas only so as to target potential customers in that specific areas or in that specific towns and cities.
  26. 26. 26 Another brand that had attempted was nike with their “Nothing Beats A Londoner” video. The video performs a nice job of representing football fans in London by involving key landmarks, football players of London and daily life styles in London. It performs so mind blowing that it comes in the top position of YouTube’s progression chart. It was even showed by national newspapers, tweeted by London mayor Sadiq khan and it breaks the record of millions of views. Division depends on time zone Huge businesses most of the time utilise time zone marketing as it is very useful for them because they manufacture their goods and services and provide services in different time zones. This strategy can be also implemented by smaller firms if they manufacture their goods. And services in other countries which have different time zones such as in the United States of America. Email marketing is the strategy that can give many advantages for dividing time zones. Although major information and announcements should be shared frequently at a confirmed time, specific email marketing gives more advantages as a result of using email marketing at specific times of day. If an entrepreneur and marketer wants their consumers to see their email especially on Monday morning, dividing by time zones permits their email to come at the top of the inbox. Division depends on climate and season There is nothing more miserable than horribly focused advertising excluding a person who gets caught in a harsh chill winter without a winter coat. Marketing found on climate or season in a particular location permits them to represent the most useful information to their consumers. Seasonal offers generally present for a longer duration like the Ingvar kamprad Elmtaryd Agunnaryd promotion as shown by marketers in the picture and marketed their products as well as they sell their products to the British consumers also as the summer has just started.
  27. 27. 27 But this can be terribly time sensitive. For instance marketers promote ice cream for supermarkets or they sell their ice cream for supermarkets at very high temperatures or during an unexpected heat wave. If marketers and entrepreneurs are focusing on a location or an area which is extremely hot during the months of summer then they must do some creative marketing to attract more customers. They should advertise Coca Cola during the excessive hot summer. Advertisement shown in the picture by marketers is in Dallas Texas. During summer seasons temperature crosses above 35 degree celsius so advertising Coca Cola in these areas is very beneficial for the marketers as well as for the entrepreneurs to more consumers. Division based on cultural choices Different religions will have various ethics that tell whether the consumers have decided to buy their products or not. In few circumstances religious ethics will be decided by ruling local religion and long lasting tradition and customs but in many circumstances hidden local habits any way their local habits and behaviour must be understood and procured for. One of the biggest regular issues for food producers is religious eating habits barriers. Companies like Haribo that usually sold gelatin based sweets that utilise slightly adjusted recipes to fulfils the requirements of particular areas, towns, cities, population etc. The company of Germany's main manufacturing plant in Bonn, their manufacturing plant in the United Kingdom established their particular dimensions of sweets. Their base in 99 percent Muslim-majority Turkey, on the other hand, produces and sells exclusively halal gummies, which are made with bovine gelatine rather than the swine gelatine used elsewhere. For marketers and an entrepreneur, it is necessary for them to understand local if they have to advertise for their products and services. A present instance for this is Toyota’s TV advertisements for its upcoming car, the Camry. In all eight commercial advertisements that were advertised to focus on various demographics all over America.
  28. 28. 28 Toyota even went one step forward by running their commercial advertisements in between TV shows whose main audience watched their advertisements. Consumers would watch various advertisements depending on whether they are seeing Scandal on ABC which has been watched by a maximum number of African American or Spanish-language networks showing on TV channels like universe. Division depended on population Density Other factors to be taken is the density of population in that area, towns, cities locations that marketers and entrepreneurs are targeting. Consumers residing in urban locations have various experiences in buying goods and services as compared to consumers residing in suburban, exurban or rural regions. If marketers and entrepreneurs are able to divide by density of population then it is very helpful for home and garden retailers. Suppose an owner is running his shop full of home customisation equipment and they can't sell tractors run by electricity for lawn riding when they got chance then they do the marketing of a manual push reel lawn mower, which consumes little area and is comfortable for maintaining small gardens. There is no use of marketing attempts if they don’t consider these geographical factors while doing marketing. Behavioural Divisions Behavioural division is the strategy that segments consumers into divisions based on their habits structures when communicating with a specific business or sites. These divisions could involve dividing consumers by- 1.Their behaviour regarding the firm's goods, brands and services. 2.Utilisation of goods, brands and facilities provided by marketers and entrepreneurs. 3.Their buying habits, perceptions and capacities like purchasing goods and services.
  29. 29. 29 Particularly on occasions like festivals, holidays, birthdays etc. Apart from the traditional demographic and geographical divisions strategy and using behavioural information permits them to implement more marketing operations in a perfect way. Advantages of behavioural divisions are as follows 1.Developed focusing perfection- Behavioural divisions permits companies to acquire benefits behavioural variations, improving their marketing conversations depending on that information. For example it assists in choosing the correct method for loyal consumers and newly subscribed peoples. It also explains to various numbers of consumers that comprise of their customers are adults from the age of 20 to 24, consumers whose passion is to travel across the world and love to play sports also. 2.Assists in contributing accurate individualise experience- Huge emails with similar messages for all consumers are now obsolete strategies in today’s world. Marketers and entrepreneurs need to thoroughly understand their consumers so as to fulfill consumer’s requirements in an individualised point of view depending on backgrounds they are affiliated to. 3.Transfers involve customers from the products in which they are not interested- Marketers choose the focused consumers so that marketers can recognise the consumer’s involvement stages. It maximises the probability that a firm's products must be purchased by the consumers who need them. 4.Reduce wastage of money- Behavioural division assists and concentrates on operations so that they don’t need to spend enough amount on their marketing. It permits them to utilise shorter time and less materials to sharpen marketing leads and attempt to interact with a consumer who is not interested in buying their products.
  30. 30. 30 5.It's easierto keep track of success this way- Marketers can see performance inside every division and as well as upgrade their performance. 6.Helps in the development of brand loyalty- Behavioural divisions assist marketers and entrepreneurs to understand how to encourage consumers as well as their audience journey and make them involved every time. Consumers who are treated personally get more attracted towards the brand and are likely to get transformed into brand champions. Psychographic Division Psychographic division is expressed as a market division strategy where committees are established based on psychological behaviour that impacts utilisation behaviour depending on consumers' living status and their choices. It is mostly surveyed depending on how consumers think and how they want their life to be. Any company or firm which aims to recognise their customers throughout the whole process can segment their aims based on division methods. Psychographic market divisions is one of the most efficient division strategies except demographic division, geographic division, and behavioural division. Psychological divisions instances Few illustrations of demographic divisions are as follows- 1.An ordinary illustration of psychographic division is a luxury mobile production brands that expertise in modification. 2.This type of luxury mobile is not affordable for consumers of every category. A particular status of living a life and family salary or family earnings is necessary so that they can able to buy a costly mobile phone that is modified for every customer. 3.By utilising psychographic market divisions, the marketing members of this luxury mobile producing company can divide the focused market based on living conditions first and depending on their lifestyles, behaviours and their personality.
  31. 31. 31 4.These mobile companies can also estimate the similar inconstant for their competitor’s focus market as well as perfect choice of a market for their engraving actions. Benefits of psychographic divisions 1.Recognising consumer habits by understanding their behaviours, habits, living styles, and social conditions. 2.This division is necessary during the time of modifications of goods and services engaged. 3.As it gives information about various aspects like living conditions, perceptions, choices etc it is more efficient as compared to geographic and demographic divisions. 4.It is a prolongation of behavioural and gives choice to segment the population depending on behaviour or perceptions as well. A goods and services related company, or an enterprise has to take care of its customers that they manufacture goods and services for their customers so that they can utilise their goods and services. Consumer’s choices and expectations contribute crucial roles in construction and modifying goods and services. Their choices and assumptions changes with time consumers' perceptions also vary with an increase in family earnings and incomes or an increase in age and any other demographics factors also. A company or an enterprise can execute properly if they recognise and identify its consumers perception so that they will able to give that products Which can run in the market. Positioning of a product in niche marketing 1.Examine the competition thoroughly- You won't discover anything unless you undertake a full-fledged deep dive, even if you've already studied their websites and received the inside scoop on who makes up your
  32. 32. 32 competition. Create a separate document for competitive analysis. Products and services, pricing, positioning and branding, and market reputation are the primary categories that BDC suggests looking at. To gain a complete picture of their reputation, you may need to look at their internet reviews and any limelight they've received. 2.Then figure out your own in terms of a competitive advantage- After you've gathered this data, take a close look at your product to see what you do differently. “Your edge may be a lower price, greater research behind your product's strategy, or more customer reviews,” says Nuova Luce Beauty entrepreneur Angelo di Simone. “However, you must understand how companies, enterprises stand out.” 3.Entrepreneur and company should know that how to utilise their capabilities- If you know what your competitive edge is then they have to keep on marketing their products, though, Make sure potential buyers understand what they'll get with your goods as opposed to a competitor's. In TV ads, several household products have mastered this, such as Bounty's side-by-side confirmation indicating the soaking ability of various paper towels. This is a perfect example because, despite the fact that paper towels are a niche industry, marketers, entrepreneurs, and firms have to face less competition. Bounty shown why it is a better option. 4.Companies and firms must utilise their marketing strategy to influence their consumers- At last, companies and firms must enlarge their products identification by recruiting motivators so that they can easily involve the audience as a part of their focused market. This strategy will be very useful in combative market because companies and firms use advertising techniques for various purposes depending on the stages of acceptability and assurance that motivators have created with their consumers in extra time. It is necessary to do this by first identifying the motivators to make sure that they didn’t utilise paid followers and paid likes by combining with motivators means brands can directly affect their required focused consumers. To make this thing possible it is necessary to select the
  33. 33. 33 motivators that companies and firms are with them by observing their information before starting working with them. Concepts of niche marketing For smaller companies and firms niche marketing provides a level of protection that is often refused to them if they attempt to strive in division which by morality of their size and their area, plead to bigger companies and companies with better capitalisation. Niching or narrowing although should not be observed as a technique restricted to only small companies or small firms. Amidst the big companies or organisations have to identify the advantages of niching or narrowing is Minnesota mining and manufacturing company, which has long achieved much better efficient techniques by recognising aspects of the market which may not be identified or may not be taken care by others. However the idea of niche marketing or narrow marketing is the same to market division besides the foundation of particular requirements prospective markets like dependency. Niche marketing or narrow marketing permits the firms or small organisations to improve its positioning and marketing strategy. Niche marketing or narrow marketing techniques for modified business 1.Companies or firms should know their focused niche market inside the market or outside the market- As their goods and services focus on only a particular class of customer so it doesn’t mean that marketers and firms are not paying attention in focusing on their niche market. So operating an enterprise providing goods and services with restricted and niche or narrow approach and it will create difficulty to identify who is their real standard consumer. Division is necessary to explain a little focused market for a narrow business. Only getting information about basics like age dimensions, earnings, marital status etc without an in depth
  34. 34. 34 information of more particulate aspects that their focused markets should have. The narrower their market the more accurately they know their consumers. Smart marketing techniques for niche businesses 1.Selecting ways of advertisement sensibly- Making identification or promoting businesses on social platforms like Facebook, Twitter is widely popular in recent years. Although these platforms cannot be considered as perfect strategies for narrow goods or niche goods because these products only target specific types or class of customers and many consumers comment very badly about these products. These methods are not suitable for marketing niche products like Facebook advertisements. These niche products don’t need to be marketed in all the platforms. These methods do not give much advantages to niche products as it does not give much benefits in the end. To make niche products successful on social media platforms then these products need to be positioned in a perfect way to make niche marketing successful on social media platforms. Findings In this research I have come across various types of informations and topics different topics explains different things like in smart marketing techniques for niche businesses it explains about selecting way of advertisement sensibly because I think that in niche marketing all types of platforms can’t be used as it focuses on only particular products so niche products can’t able to gain much popularity on various social media platforms as niche products targets only particular class of customers and in niche marketing or narrow marketing strategies for modified business it explains about companies or firms should know their focused niche market inside the market or outside the market it means before entering in the market entrepreneurs and companies first of all they should know that which type of specific products they have to target for which class of customers because if they don’t make plans in advance then it will be very difficult for them to market niche products. In secondary data analysis I have seen that bar graph explaining global retail sales of different products in different years in percentage.
  35. 35. 35 References Https://www.your articlelibrary.com Https://www.QuestionPro.com Https://www.yieldify.com Https://www.yieldify.com Https://www.yieldify.com Https://www.convinceandconvert.com Https://www.wordstream.com Https://www.slideshare.net Ecomdash.com Https://www.entreprenuer.com