2.0 Chapter Literature Review
In this critical review of literature the researcher will address the particular elements and theoretical perspectives in relation to the research title and objectives. The information found in the literature review will assist in the formulation of questions for questionnaires and interviews relating to the research title. The literature review aims to highlight the best niche marketing practice theories. A literature review looks at scholarly books, studies, refereed journals which relate to the subject being discussed. In this case the researcher is proposing a study on what strategies can be used to successfully market the Trinidad and Tobago cocoa products on the international market.
2.1 Niche Market
Niche marketing can be …show more content…
Market segmentation is the process in which large markets are broken down in to smaller and more manageable market segments which is called top down approach. On the other hand a niche market starts from the needs of a few customers and then gradually builds up in to large markets or customer base, called as bottom up approach (Shani & Chalasani, 1992). Niche marketing is one-step ahead of market segmentation because it creates a discrete group of customers (Kara & Kaynak,1997). The characteristics of niche market can be defined as; the customers in niche have a distinct set of needs, greater profit margins due to premium price, can gain certain economies through specialization, niche has size, profit and growth potential, not likely to attract competitors (Kotler, 2003).
Keeping in view above niche market characteristics, if we analyze the cocoa market it can be easily seen that world cocoa demand and prices for fine flavoured coca are steadily on the rise giving an niche market opportunity for local producers. Source Market Segmentation , William Chang Wei Tan
2.2 Niche
In this critical review of literature the researcher will address the particular elements and theoretical perspectives in relation to the research title and objectives. The information found in the literature review will assist in the formulation of questions for questionnaires and interviews relating to the research title. The literature review aims to highlight the best niche marketing practice theories. A literature review looks at scholarly books, studies, refereed journals which relate to the subject being discussed. In this case the researcher is proposing a study on what strategies can be used to successfully market the Trinidad and Tobago cocoa products on the international market.
2.1 Niche Market
Niche marketing can be …show more content…
Market segmentation is the process in which large markets are broken down in to smaller and more manageable market segments which is called top down approach. On the other hand a niche market starts from the needs of a few customers and then gradually builds up in to large markets or customer base, called as bottom up approach (Shani & Chalasani, 1992). Niche marketing is one-step ahead of market segmentation because it creates a discrete group of customers (Kara & Kaynak,1997). The characteristics of niche market can be defined as; the customers in niche have a distinct set of needs, greater profit margins due to premium price, can gain certain economies through specialization, niche has size, profit and growth potential, not likely to attract competitors (Kotler, 2003).
Keeping in view above niche market characteristics, if we analyze the cocoa market it can be easily seen that world cocoa demand and prices for fine flavoured coca are steadily on the rise giving an niche market opportunity for local producers. Source Market Segmentation , William Chang Wei Tan
2.2 Niche