With APA citations ,6th edition explain niche marketing as a marketing positioning strategy a company can persue?

Niche marketing is a marketing positioning strategy that involves targeting a specific segment of the market with unique products or services that cater to the specific needs and preferences of that segment (Kotler & Keller, 2016). This strategy allows companies to differentiate themselves from competitors by focusing on a smaller, more defined group of customers who have distinct characteristics and preferences.

By identifying and targeting a niche market, companies can create products or services that are tailored to the specific needs and preferences of that segment, leading to higher customer satisfaction and loyalty (Kotler & Keller, 2016). This can also result in higher profit margins, as niche markets often have less competition and are willing to pay a premium for products or services that meet their specific needs.

Furthermore, niche marketing allows companies to build strong relationships with their customers by understanding their unique needs and preferences and providing personalized solutions (Kotler & Keller, 2016). This can lead to increased customer loyalty and word-of-mouth referrals, as satisfied customers are more likely to recommend a company to others within their niche market.

Overall, niche marketing can be a successful positioning strategy for companies looking to differentiate themselves in a competitive market by targeting a specific segment with unique products or services that cater to their specific needs and preferences (Kotler & Keller, 2016).

Reference:
Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.