Business Terms Definitions
Are there any marketing, business terms, coaching or related terms that you are not clear about? See if you find them in out list below. Post your term in the comments section, IF you don’t see the term/s below. Feel free to ask any questions related to your business and we’ll do our best to post a definition of it on this page (and in reply to your comment/s)
Business Terms Definitions
According to Merriam-Webster Dictionary, niche is defined as “a place, employment, status, or activity for which a person or thing is best fitted <finally found her niche>”; OR ” a specialized market”
A focused, targetable part of a market. (Source: www.InvestorWords.com)
Concentrating all marketing efforts on a small but specific and well defined segment of the
population. Niches do not ‘exist’ but are ‘created’ by identifying needs, wants, and
requirements that are being addressed poorly or not at all by other firms, and developing
and delivering goods or services to satisfy them. As a strategy, niche marketing is aimed at
being a big fish in a small pond instead of being a small fish in a big pond.
Niche Market vs. Target Market
Here are two important distinctions between the two:
? Your target market is the group of people you promote your service or product to
? Your niche – or niche market – is the service you specialize in providing to your
For example, two individuals might choose as target market nurses (or healthcare
workers); however, one might pick as their niche to provide comfortable work shoes and
ergonomics training; while the other person might chose as their niche to provide nurses
with information on how to deal effectively with difficult patients. In both cases the
target market is the same, but the niche market is narrow, focusing only on the nurses
who are a) have leg pain and are in the market looking for solution to that or b) are
frustrated with some patients and want to learn how do deal more effectively with them.
Market segment in which a firm can compete successfully given its resources and
competencies. (Source: www.BusinessDictionary.com )
Particular market segment at which a marketing campaign is focused.
(Source: www.BusinessDictionary.com )
A target market is a group of customers that the business has decided to aim its marketing
efforts and ultimately its merchandise.
A well-defined target market is the first element to
a marketing strategy. The target market and the marketing mix variables of product,
place(distribution), promotion and price are the two elements of a marketing mix strategy
that determine the success of a product in the marketplace.
Once these distinct customers have been defined, a marketing mix strategy of product,
distribution, promotion and price can be built by the business to satisfy the target market.
Marketing strategy is a process that can allow an organization to concentrate its limited
resources on the greatest opportunities to increase sales and achieve a sustainable
The clients to whom a business sells products and services. The customer base is a
relatively broad number of customers, with a smaller section of the base being comprised
of repeat customers. (Source: www.BusinessDictionary.com )
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