A business strategy (specifically, a distinct form of the ecological niche) that focuses on a product or service to set up a controlling position in the market. This strategy revolves around manufacturing a product or designing a service that no other market players would be interested in undertaking due to the narrow size of the respective market (i.e., the niche). The establishment of such a niche market is critically dependent on timing or attainment of first-mover advantage. Movement has to be done at the initiation of a new industry, a new custom, a new market, a new trend, etc, without any delay.
To attain a specialty niche always requires genuine innovation- that is, the ability to come up with new products/ services that can meet unfulfilled needs and add great value to customers.
Comments