Niche Expansion
Content
Definition
Niche Expansion is the process of growing a business by identifying and serving additional niche markets related to the original focus.
Usage and Context
Niche expansion helps businesses grow by tapping into new, related market segments, broadening their reach and increasing revenue opportunities.
Frequently asked questions
- What is niche expansion? Niche expansion is the process of expanding a business by targeting additional niche markets that are related to the original focus.
- What is the niche concept? The niche concept involves focusing on a specific segment of the market to cater to a particular group of customers with specialized needs.
- What are the principles of niche expansion? The principles of niche expansion include identifying related niches, understanding their unique needs, and developing specialized products or services to meet those needs.
Benefits
Niche expansion allows businesses to diversify their customer base, increase market share, and reduce reliance on a single market segment.
Conclusion
Niche expansion is a strategic approach to business growth, enabling companies to tap into new, related markets and enhance their overall market presence and profitability.
