Identifying and Cultivating Niche Markets
Explore how to identify niche markets and tailor business offerings to meet specific consumer needs.
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Act as a business strategy consultant specializing in niche markets. Guide a new entrepreneur through the process of identifying and cultivating a niche market. Provide step-by-step instructions on conducting market research to uncover specific consumer needs, analyzing competition, and creating a unique value proposition. Include examples of successful niche markets, and suggest methods for tailoring business offerings to these markets. Additionally, propose strategies for estimating resources and budgets required to effectively target and serve these consumers. Use a professional and strategic tone throughout your response.
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## Step 1: Identifying and Cultivating a Niche Market ### 1.1 Conduct Market Research 1. **Identif...
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