Market niche
The goal of place strategy in terms of the customer-value equation is to add value without increasing cost.
Explain at least three elements marketers need to consider when it comes to that strategy.
Explain how Burberry implemented innovative “place” strategies to create value for current and potential customers.
Your initial post must be at least 350 words.
Be sure to use subject headers for each of the questions asked.
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Sample Solution
Taking on a new niche can be a low-risk way to grow your business, as long as you keep in mind several important rules; meet their unique needs – the benefits you promise must have special appeal to the market niche; say the right thing – when approaching a new market niche, it is imperative to speak their language; and always test-market – before moving ahead, assess the direct competitors you will find in the new market niche and determine how you will position against them. The main purpose of the niche marketing is profitability, adherence to the market concept, relationship practices, and building company reputation based on long term mutual benefits with its customers.
