...How to Select a Niche Market Brought to you by Chris Cobb Automated Income Stream Ltd © Automated Income Stream Ltd. All rights reserved. No part of this publication may be reproduced, sold, stored in a retrieval system, or in any form or by any means, without the prior permission in writing of the publisher. This is for your own personal use. 1 For legal reasons we are obliged to state the following: Disclaimer: To the fullest extent permitted by law, Automated Income Stream Ltd are providing this written material, its subsidiary elements and its contents on an ‘as is’ basis and make no (and expressly disclaim all) representations or warranties of any kind with respect to this written material or its contents, including, without limitation, advice and recommendations, warranties or merchantability, and fitness for a particular purpose. The information is given for entertainment purposes only. In addition, Automated Income Stream Ltd does not represent or warrant that the information accessible via this written material is accurate, complete or current. To the fullest extent permitted by law, Automated Income Stream Ltd or any of its affiliates, partners, directors, employees or other representatives will not be liable for damages arising out of, or in connection to, the use of this written material. This is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential...
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...PARRISH, ERIN DODD. NICHE MARKET OPPORTUNITIES IN THE GLOBAL MARKETPLACE. (Under the direction of Dr. Nancy Cassill and Dr. William Oxenham). The purpose of this research was to analyze how a niche strategy can be used by US textile and apparel companies to compete with lower priced imports. With the increasing globalization of the industry, it has been suggested that companies focus on products that offer a competitive advantage over commodity products (Standard and Poor’s, 2003). One way of doing this is to focus on specialized, or niche, products. The conceptual models used in this study provided a framework for specialization within trade. The trade theories examined were 1) Ricardo’s Comparative Advantage Theory (Ricardo, 1817), 2) Heckscher-Ohlin Trade Theory of Factor Proportions (Heckscher & Ohlin, 1991), 3) Posner’s Technology Trade Gap Theory (Posner, 1961), 4) Vernon’s Theory of the Product Life Cycle of Trade (Vernon, 1966), and 5) Porter’s Model of Competitive Advantage (Porter, 1998). Each of these trade theories predicts specialization as a result of trade. This means that as trade barriers decrease, a country’s resources will focus on those processes in which it has a competitive advantage. For the US textile and apparel industry, this means moving away from basic textile items used in apparel production, such as basic fabrics, and moving towards more focused and specialty products, which includes niche products. The methodology used in this study consisted of...
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...BOA’s Current Market Niche analysis Bank of America Corporation (BOA) is one of the world's largest financial institutions. It serves individual consumers, small- and middle-market businesses, institutional investors, large corporations and governments with a full range of banking, investing, asset management and other financial and risk management products and services (Andresen, 2012). The company operates in the Americas, Asia Pacific, Europe, the Middle East, and Africa. It is headquartered in Charlotte, North Carolina, and employs around 282,000 people. The company's market position is supported by a strong distribution network, unmatched by its competitors. The company, therefore, enjoys a dominant market position and leverages its position to gain competitive advantage over its peers. However regulatory changes and slow economic growth compounded by uncertainties could hurt its margins. According to the report from the official Bank of America website, as of December 31, 2011, the company operates in all 50 states, the District of Columbia and more than 40 countries. BOA’s retail banking footprint covers approximately 80% of the US population and in the US, the company serves approximately 57 million consumer and small business relationships with 5,700 banking centers, 17,750 automated teller machine (ATMs), nationwide call centers, and online and mobile banking platforms ( Martelli , 2012). In addition, BOA provides support to approximately four million small business...
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...True/False: 1. The ecological niche of an organism includes its habitat. T/F 2. Every organism within a species has the same ability to acclimate, since this trait is genetically determined. T/F 3. The proximate cause of an observation is its true root explanation. T/F 4. A species’ realized niche is usually larger than its fundamental niche. T/F 5. It’s believed that true learning intelligence (as opposed to mere instinct) is most likely to develop in response to highly consistent and predictable situations that are encountered frequently. 6. The ecological envelope of a species is the catalog of conditions it is known to live under. T/F 7. One reason Atolla jellies do bioluminescence is to scare away giant squid. T/F 8. The tolerance limits of the young of a species are often more narrow than the tolerance limits of the adults of the species. T/F 9. The process of speciation is always caused by selective pressures. T/F 10. When estimating the mean value for some characteristic of a population, one way to increase the accuracy of the estimate is to increase the number of individuals sampled from the population. T/F 11. A parameter is measured for a sample in order to estimate the corresponding statistic for the population. T/F 12. Mutations increase genetic diversity, while natural selection decrease genetic diversity. T/F 13. One drawback to being a highly social or communal species is that resources must be shared and may...
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...10th March, our Year 12 Biology class went to Island Bay to gather data on the quantity of rocky shore tide zone species. Gathering this data we used a transect (rope knotted every meter), a quadrat (50cm x 50cm), a meter ruler, a thermometer, and species information cards to help with clarification. My group and I started our measurements from where the water met the rocks and placed our first quadrat there. We recorded the species count and recorded the temperature, then moved three meters up the transect and placed the quadrat down again. We completed this for 48meters from where the water meets the rocks and recorded the data. Our investigation is to chose two species that we collected data on and compare and contrast the evironmental niches of each of those species. I have chosen to research and investigate the species of Chaemosipho columna (the Acorn Barnacles) and the species of Austrolittorina antipodum (the common...
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...same niche. However if two species do not completely overlap, then we see instances of coexistence between each species. However, competition variability is seen between same specie organisms and among differing species. Competition between two of the same species is known as intraspecific competition while competition seen between different species is referred to as interspecific competition. Our competitive study models the two types of competition previously stated while measuring the results to show the effects of each. Our study hoped to show that if there were no intraspecific interaction between species A then there would be no difference in the amount of survivors nor a difference in the average mass of survivors. We show how intraspecific competition is more important than interspecific competition based on the fact that each individual in a population of the same species has a higher need for limited resource availability. Introduction: The purpose of our experiment was to compare competition interactions between (interspecific) and among (intraspecific) species at various density levels. Competition can be defined as any impact of one species over another that results in an adverse reaction or impact of that species (Mangla et al. 2010). Interspecific competition occurs between two differing species for certain resources while intraspecific competition occurs between the same species in a population. These competing factors can cause the differing niche overlap...
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...Tax Case 3 Individual Paper 2/22/2014 Attn: Dr. Ott Executive Summary: In this case, my group members represented the side of the taxpayer. One of the main issues in this case is whether or not Rex and Agnes Harrell should be able to make deductions in excess of rental income on their beach house. This deduction depends on if the 14-day personal use provision was exceeded. If the 14-day provision was exceeded than income should be limited to rental income as the ISR decided in this case. However, we have determined that the Harrell’s have not violated the 14-day provision and should therefore be allowed deductions for rental expenses exceeding rental income. Facts: • The Harrell’s purchased a beach house to use occasionally for recreational purposes, but also to rent it out. • The house was in need of significant repairs so the couple decided to make the repairs themselves rather than hiring a contractor. Rex had taken advanced courses in woodwork at a local community college and he applied those skills in his maintenance work. • The log maintained by the Harrell’s showed that the couple occupied the house for 38 days and rented it out for 49 days. On 24 of the 38 days occupied, one or both of them were actively working on the beach house. • On the days they were working on the beach house they sometimes still had time for fun with their two teenage children. Some days they would only work 4 to 5 hours and be able to have fun while other days they would work...
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...Market Segmentation To reach different markets or to promote your products to different locations or people one has to use a method called market segmentation. "Market segmentation describes the division of a market into homogenous groups which will respond differently to promotions, communications, advertising and other marketing mix variable" (Cumming). Market segmentation is extremely important for companies around the world. If a company doesn't research the area in which they are going to market or they put a product that is either to expensive or to elaborate in an area that can't afford that then they will fail as a company. In my paper I will discussion why market segmentation is used in around the world, the types of segmentation, some techniques used to make segmentation work the best. Market segmentation is to divide the market into smaller segments. The reason for dividing the market is to make it easier to address the needs of smaller groups of customers, particularly if they have many characteristicsin common (Breen). It is easier if you find things in common that are the same such age, gender, benefits, lifestyles, etc. We also use market segmentation to find niches or to identify under-served or un-served markets. "Using niche marketing, segmentation can allow a new company or new product to target less contested buyers and help a mature product seek new buyers" (Cumming). Niche marketing can also take a normally large, identifiable group...
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...ENGINEERING ADVANTAGE Developing growth strategies to become a market leader S T R AT E G Y Introduction A business will not become the market leader by chance. It takes careful planning to build an organisation that outperforms its competitors. In business, these plans are called strategies. A business strategy can take many forms. For IMI, a leading engineering business, its strategies focus on growing the business within the niche markets in which it operates. A niche market is a relatively small and often highly specialised segment of a market. IMI is a global engineering business focused on the precise control and movement of fluids in critical applications. IMI has five platform businesses which use its expertise in valve and fluid engineering in different markets: • Fluid Power – specialists in motion and fluid control technologies, custom engineered for critical applications requiring precision, speed and reliability. • Severe Service – highly engineered valves and controls that enable vital industrial and energy production processes to operate safely, cleanly and more efficiently. • Indoor Climate – experts in hydronic distribution systems and room temperature control which deliver energy efficient indoor climate systems. • Beverage Dispense – specialists in innovative beverage cooling and dispense solutions that contribute to increased sales and lower operating costs. • Merchandising – specialists in bespoke point of sale merchandising solutions which improve...
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...traffic is a great place, and if you have, a gas station near the intersections of the highway is perfect. However, if you pick a wrong location you may go out of business. Offering the best service and good value product is essential for a costumer. It is important to listen, stay positive and stay involved when offering a good product value. Costumers are going to be satisfied and come back to your store. However, if do not provide them value along with a costumer service they may choose somewhere else. In conclusion having the capital, choosing the right location and offering a good value it is important to succeed in a business. Making wrong decisions may lead to a failure. 2. Define what a “niche” product is. Give at least tree examples of niche products. Niche product is a product that is made and marketed for use in a small and...
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...these rules have been formalised. But most important of all there has built up a culture which encourages innovation. And because this culture has built up a history of success, it perpetuates itself. 3M started life selling a somewhat inferior quality of sandpaper. The only way they could do this was by getting close to the customer - demonstrating it to the workmen that used it and persuading them to specify the product - an early form of relationship selling. This was the first strategic thrust of the fledgling business - get close to the customer and understand their needs. However, the company was desperate to move away from selling a commodity product and competing primarily on price and its closeness to the customer led it to discover market opportunities that it had the expertise to capitalise on. The first such product was Three-M-Ite™ Abrasive - an abrasive cloth using aluminium oxide for durability in place of a natural abrasive. This was followed by waterproof sandpaper an idea bought from an inventor who subsequently came to work for 3M. This was followed shortly by Wetordry™ - a product designed for use by the car industry in finishing body-work. And...
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...Which value do the various products from Aqualisa (the UK company) create: for consumers? For plumbers? For its channel partners? * Aqualisa is present on all types of markets with different brands * three pricing segments: premium, standard and value * premium segment : * motivation for the purchase: replacement shower, second shower, search for higher performance, new build/styles * the decision criteria: style * the preferred channel: showrooms * Aqualisa products : Aquastyle, Aquaforce 2.0/3.0 Bar, Quartz Standard, Quartz Pumped * standard segment : * motivation for the purchase: replacement shower, second shower, new penetration, search of higher performance * the decision criteria: performance, service and advice from their independent plumber * the preferred channel: showrooms, trade shops * Aqualisa products : Aquavalve 609, Aquastream Thermostatic, Aquaforce 1.0/1.5 Bar * value segment : * motivation for the purchase: replacement shower, second shower, new penetration * the decision criteria: convenience and price * the preferred channel: trade shops * Aqualisa products: Aquavalve Value, Aquastream Manual, Gainsborough brand * 2 additional markets : developer market and do-it-yourself (DIY) market * developer market * motivation for the purchase: equipping new homes * the decision criteria: reliability, look, could work in multiple settings, price * the preferred channel:...
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...The Arena: Geographical Expansion In order to assess market potential, Toyota needs to determine the best regions for growth to ensure cost and quality. Based on market figures (Figure 10 & 11), the following GE Matrix is drawn up to show the likelihood of the following market outcomes: Figure 11: GE Matrix showing international market approach The above graph was plotted based on information and the following criteria – Available resources, effective use of resources for maximum milking, potential business this market can bring in for the company, potential establishment of market leader Based on the above, the implications and resulting suggested approach is: Asia – A strong defense strategy. Manufacturing in Asia is relatively cheap, hence the recommendation to put efforts into R&D of materials, manufacturing and work closely with suppliers and manufacturers to keep costs low, for higher profit margins. 1 USA’s market is attractive, however competition is stiff with GM and Ford. Toyota needs to increase positive consumer perceptions to push sales and establish itself as a market leader. Latin America is a growing market with an unstable and undominated automotive industry. Toyota can choose selective markets or products and use an S-O to attack the market and establish presence. This strategy can apply to Africa too, with an added advantage that Africa is geographically closer to manufacturing plants in Asia. Europe has seen a fall...
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...and applications, competence, market-segment, vertical and geographic) should sonic operate? The competitive spheres in which Sonic should operate (Kotler): Industry: Personal digital assistant, telecommunication, and multi-media products. Product and Applications: Multi-function, multi-media digital assistant products that have advanced features such as hands free capabilities, Wi-Fi, GPS at ultra-fast download speeds. These features will allow Sonic to carve a unique niche amongst competition as well as build brand loyalty from their target market. Competence: Sonic has built an innovative product with state-of-the-art features that is affordable and secure. Market Segment: • Professionals- who insist on high speed on the go communication abilities. • Students (high school-grad school) will be drawn to the high speed multi-media options. • Corporate users and entrepreneurs will appreciate the organization capabilities. • Medical personnel will be confident accessing medical records and patient information with Sonic’s high security features. Vertical Scope: Sonic will manufacture, market, and distribute products to major office supply stores, computer stores, and select online retailers in the U.S. Geographic Scope: Initially, Sonic Corporation’s focus will be on increasing sales and expanding market penetration. Sonic will offer competitive, high demand products within the U.S market and on the internet; eventually...
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...Barco Projection Systems (A): Worldwide Niche Marketing Case Write-Up – Decision Case – BPS and its Product Line Strategy: Barco N.V originally started as a producer of radio broadcast receivers in 1934 and gradually made its way to the broadcast monitor and professional video equipment markets. After a global recession that followed the 1977 oil supply shock, the company decided to redefine its focus from consumer markets to industrial markets in order to keep its position in the industry. Dejonghe, Claerbout, and Dursin who were responsible for BPS’s R&D, marketing and sales department, worked closely together on projectors throughout the decade. The second largest division of Barco N.V, Barco Projection Systems (BPS) was formed in the early 1980s to enter the video projection market. It played a key role in the development of niche market and BPS had differentiated its products amongst other competitors in the market by its superior projector scan rates. For example, its most sophisticated product – graphic projectors – had “scan rate of 16kHz to above 64kHz, and accepted input from powerful computer-aided design and manufacturing systems, as well as from video and data sources” (page 3). The brand name was established in a variety of entrainment, training and presentation markets. Despite its 4% low growth rate of worldwide market for graphic projectors, BPS still had most shares in graphics compared to its competitors. BPS’s main competitor – Sony Components and...
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