@jimmysmith560 coming in clutch anytime now
Hey guys I’m at work right now but I’ll have a look at it as soon as I get home!Hi Jimmy
All good thankyou so muchHey guys I’m at work right now but I’ll have a look at it as soon as I get home!
A niche market is a narrowly selected market segment and has a specific and narrow customer base. Pat and Robin can use their niche marketing approach to avoid direct competition with larger department stores. Additionally, they can also recruit more specialised staff that will have greater product knowledge and stock more specialised equipment that will allow them to gain a competitive advantage. This should help them to gain sales and profits. However, there are some disadvantages that must be considered. Due to the low amount of customers in a niche market, Pat and Robin might not be able to achieve economies of scale, thus keeping their costs too high and not being able to achieve any profits. Furthermore, there is also a high risk of failure as there is overdependence on a single product/market. But overall, it would be beneficial for Pat and Robin as this market is untapped and therefore being able to succeed in this market would help them generate good profits if the market is big enough which can be known through market research.