Religion is a significant influence on culture in many parts of the world.
Global niche markets
Examples of possible global niche markets here.
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Global niche markets target a very specific range of people, often known as subcultures.
Small specialised parts of the global market.
On a country by country basis they do not offer enough market value to be successful.
However the combination of all the niche markets in each country allow for the scale ability to present profits.
Higher prices can be charged in niche markets.
The features of a successful global niche business:
A clear understanding of the needs and wants of the market segment.
An emphasis on quality and customer service.
Expertise in the product area.
Innovation.
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Customers are prepared to pay for a luxury flight experience.
It does not matter whether the customer is from the home country or abroad.
Aspirational niche brands in the UK are likely to be similarly aspirational in other countries.
Why?
The internet and e-commerce have proved to be an important marketing tool.
Social media and 'vloggers' reviewing niche products.
Application and adaptation of the marketing mix to suit global niches.
1. Product
Global niche products often place an emphasis on quality.
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Price
The point of niche marketing is the ability to charge premium prices. https://www.virginatlantic.com/
Demand may be more price inelastic.
Promotion
Businesses need to be sensitive to national and cultural differences.
Promotional costs may be higher which may impact on price and competitiveness.
Place
A business must study local distribution channels before entering a market.
A business must study local distribution channels before entering a market.
Networks of exclusive dealers are a common method of selling goods to global customers.
