Download THE NICHE MARKETING STRATEGIES FOR PERIODS OF

THE NICHE MARKETING STRATEGIES FOR PERIODS OF RECESSION
Neven Šerić, Ph.d.1
Danko Uglešić, upiši svoj scientific degree2
Abstract
The recession, coupled with the crisis events, does not have to result in a significant diminishment of
the company’s market share. One of the possibilities for maintaining the market share is to adjust the
marketing strategy. The guidelines for adapting marketing strategies are based on the predictable
behaviour patterns of target customers. The marketing planning is one of the prerequisites for
determining profitable market niches, with regard to the quality standards, product recognisability
and the required customer satisfaction. The current market practice inside the Republic of Croatia
provides a basis for examining the relevant expert sample, thus elaborating the proposed model of
forming an efficient niche marketing strategies during recession. The starting hypothesis is as follows:
The marketing strategy of a market niche, adjusted to the predictable behaviour patterns of the
customers, enables the preservation of the market share during recession. Hypothesis has tested by the
comparative analysis of the frequently used marketing niche strategies and their repercussions on the
underlying market share. With regard to the research findings, it is quite clear that companies doing
business in certain sectors are able to maintain and enlarge market share. Redefining and adjusting
the marketing strategy is a prerequisite for sale increase on chosen niche markets. Marketing
strategies modified for the use in niche markets also require a variation of the marketing mix. The
adjustment is achieved by alterations done to the assortment, price, promotional and the logistical
mix. This research aims at providing the proposition of a model for the formation of a niche marketing
strategy that preserves the market share during recession. The market research which ultimately aims
at determining a desirable niche market should be supported by the activities contributing to the
increased customer loyalty. Depositioning and repositioning efforts done by competing companies is
effectively countered by a practice of continuous creation of new products. Also, the strategy of
relaunching existing products when offering them to new segments is quite useful. The prediction of
target customer behaviour during recession is greater as the ability of niche market positioning
increases. With regard to the obtained research results, the work hypothesis has been tested, so it is
possible to assert that the Marketing strategy for niche market, adjusted to the anticipatory customer
behaviour enables the market share conservation during recession.
Key words: marketing strategy, market niche, recession
1
2
University of Split/Faculty of Economics, Cvite Fiskovića 5, Split, Croatia, [email protected]
Adresu svoje institucije upiši, [email protected]
1. Introduction
The market survival during the times of recession implies the keen insight into the causalities
that govern the business environment of a particular company (Meža, Šerić, 2009). Sporadic
practical examples point that doing business during the times of recession does not necessarily
result in the diminishment of the market share. Those examples of business practice have in
common the characteristic of modifying the focused marketing segments (Adair, 2007). Some
researchers report the more pronounced importance of increasing perception of product
desirability for the focused segment (Denny, 2006). The possibility of maintaining the market
position at times lies in one of the existing market niches (Kotler, 2003). Modifying the
marketing strategy to the new marked segment and the newly formed company image is an
imperative during periods of recession (Šerić, 2003). The earlier research suggest it is indeed
a passivity (Meža, Šerić, 2009). Focusing the business’s interests on one or several market
niches makes the supply differentiation an absolute necessity. During this process, modifying
one’s marketing strategy is also crucial (Adair, 2007). Is it thus possible to propose a
framework for the formation of efficient marketing strategies during the times of recession?
The planned research will indicate whether it is possible to generalise the results of individual
case studies, in order to reach a general implementation for the business practice.
1.1.
Research goals
During the periods of recession, each research with results pointing to the specific abilities
needed for maintaining the market share of a particular company is useful. The gathered data
is able to indicate what the advisable method for the formation of an effective marketing
strategy to secure the market share for a company is. Based on such specific considerations,
the basic goal of the planned research is to explore the practice of forming a company’s
marketing strategy for the market niches operating with profit. Particular focus will be on the
marketing strategies developed by companies inside the Republic of Croatia, ones that have
maintained or even increased their market share during the times of recession. Guidelines for
establishing an efficient marketing strategy for niche markets during periods of recession
represents the expected contribution of this research.
1.2.
Research subject and methods
The planned primary research will be carried out by using an expert sample consisting of
various industries. Research will gather relevant data concerning the practical experiences of
doing business in market niches. The basic research hypothesis is as follows: during the
recession periods, in order to maintain the market share, it is necessary to reposition using an
innovated marketing strategy aimed at market niches. The research subject consists of
marketing strategies for companies operating on the market of the Republic of Croatia. This
approach also assumes the modification of marketing strategies, in order to match the altered
customer behaviour. The research methods used in this paper are: inductive and deductive
method (the monitoring of trends and market share variations of the sampled companies); the
method of causal induction (the analysis of sample variation and the resulting change in
market share); classification method (sorting the research results); comparative method (the
analysis of market niche particularities sampled companies do business in); descriptive
statistics (survey data analysis). Pretesting was used to determine the criteria companies must
match in order to be sampled (operating with profit during the recession period), as well as the
criteria needed for a separate, special analysis (the companies maintaining or even increasing
their market share during recession). Considering the fact that research deals with trade
secrets, the names of particular businesses will not be disclosed. Only information given will
be particular industry sectors each business operates in, which will be used to determine
sectors better resisting the influence of recession.
2. Recession repercussion on the business activities inside the Republic of Croatia
The repercussions of a global recession are transferred to national markets. Republic of
Croatia did not manage to avoid such a fate. The transitional consequences (privatization, the
change of the financial institution’s proprietary structure, et al.) have added to the difficult
conditions of business dealings. In order to find means for market survival, the companies
modified their existing portfolio structure supply range, marketing communication, et al.
Often it is necessary to modify the marketing strategy to new business conditions and
especially the newly emerging market segments that companies want to target (Meža, Šerić,
2009). The consequence is the companies’ reduced market share (Adair, 2007). Market
developments during recession are quite hard to anticipate when one uses neo-Marxist or neoliberal economic theories. The standardised instruments of crisis management and financial
restructuring are insufficient when maintain the companies’ market share (Ang, 2001).The
additional problem for the market of Republic of Croatia is that current fiscal policy does not
provide expansive and anti-cyclic influence (the use of financial repression, by enacting
increased taxes and increase in number of those affected by those taxes only serves to
additionally decrease the spending). Is redefining the companies’ market strategy and niche
positioning able to diminish the risk of market share diminishment? The decreased foreign
demand additionally complicates the already complex existing conditions influencing the
national market. The possibilities of domestic and foreign borrowing are diminished, whilst
the costs of borrowing are on the constant rise, which limits the capabilities of managing the
supply range. The individual domestic business cases nevertheless imply that maintaining
market share is a possibility. Managers on the market of the Republic of Croatia are primarily
focused on decreasing the costs and implementing a more stringent financial control. The
sectors most severely impacted by recession are construction and commerce. The Programme
of Economical Recovery, adopted by the Government of Croatia in the April of 2010, defined
the scope of much needed proactive measures: modifying the role of the state, supporting the
recovery and the economic growth, as well as responsible operations on the larger, national
level. The governing political change that transpired in the mean time has slowed the planned
measures. Because of the mentioned conditions, the terms of doing business in the Republic
of Croatia’s market are still quite complex, and are not inducing the desired interest of foreign
investors. Aside from business rationalization and decrease of research costs, the business
experiences on the Croatia’s market show it is advisable to evaluate the company’s market
position and to accordingly redefine the marketing strategy, in order to adequately position
inside a niche market.
2.1.
The status of individual business sectors in the Republic of Croatia
Domestically, the food industry has annual revenue of over 4 billion Euros. This sector has
significant number of companies operating in it because of the fact that the EU market
annually spends approximately 900 billion Euros on the products of the sector. Market trends
also point to the ever more prevalent domestic food preparation, therefore it is recommended
to adjust the product range accordingly. Within the Republic of Croatia, the food sector
generates the biggest profits, whilst employing the largest number of workers. Food
production and processing is the business activity of over 2800 business entities. The
liberalization of food imports from other EU members represents a threat, but also a challenge
to strengthen competitiveness. Niche positioning within the domestic market is also utilizable
for the entire EU market. The carried exploratory research has pointed out the importance of
managing new product development, improving technological procedures, rationalising the
manufacturing costs, establishing strategic partnerships, modifying the product range, whilst
acknowledging the subsegmentation peculiarities of an advisable positioning niche marketing
strategy when doing business inside this particular industrial sector.
The trade services also represent a significant sector within the Republic of Croatia’s
economy. Recession consequences for this particular sector manifest as diminished
purchasing power, purchasing rationalization and optimisation. The Croatia’s business
experiences reveal that loyalty of a certain segment during periods of recession is obtained by
strengthening the companies’ image and its trustworthiness. In practice, this is achieved by
differentiating presale and post-sale services, as well as other marketing activities. The
companies marketing fast-moving consumer goods are less exposed to the effects of
diminished private consumption. The increased competitiveness within the sector affects the
reduction of market share. When considering the products meant to fulfil secondary and
tertiary needs, the business risks are even greater, thus the competition diminishes. Because of
the growing unemployment and lower purchasing power, the level of consumer optimism is
also reduced. Therefore, it is imperative to redefine and reposition the marketing strategy, in
order to correspond to the acceptable niche market. The exploratory research done by the
author (Šerić, Uglešić, 2013) indicates to the various efforts at modifying the marketing
strategies, in order to position one’s company on the chosen niche market. Apart from the
strategy consisting of adjusting the prices to the chosen marketing segment, the following
measures are also needed: the implementation of strategies adjusting the promotional mix to
the targeted segment, the increase in the range of branded products, mergers and acquisitions
in order to redefine the market image, etc.
During the periods of recession, the construction industry within the Republic of Croatia
suffers because of reduced demand and investments. The national implementing measures
have been enacted only recently, so the companies tried to ensure market survival using
market repositioning, while some small and middle-sized businesses attempted to modify the
marketing strategy and reposition on the chosen market niches. The exploratory research
discovered the measures of implementing product innovation, strengthening the company’s
image and quality management, equipping the newly built flats with basic amenities, et al.
The companies operating within the IT industry have also suffered significant consequences
in the primary phase of the recession. Significant amounts of outgoing invoices remained
outstanding, because of the financial difficulties that have befallen on the customers buying
IT solutions and applications. Another consequence was also the bankruptcy of some small
companies within the industry. A modest incentive to the remaining IT companies came in the
form of recently adopted legal provisions, which prescribe the total informatization of
business operations within the Republic of Croatia. During recession, the managers became
increasingly aware that modified IT tools are the precondition for effective business
management operations, which also positively reflect on this entire industrial sector. The
prevailing marketing strategies mostly deal with product development and the modification of
new products, as well as the specialisation and differentiation, in order to market in certain
market niches.
The tourism is qualified as a strategic sector of the Republic of Croatia’s economy. Despite
the outcomes of the global recession, this industry exhibits the increase in profits, coupled
with the extension of the tourist season. It is a consequence of a more effective promotion of
valuable tourism resources, which consequentially changes the national tourist structure
within the Republic of Croatia. Thus redefining the marketing strategy for tourism
destinations, as well as the entire national tourism, represents an imperative. The implemented
marketing strategies observed within the scope of the carried exploratory research deal with
the following: repositioning of the enriched tourism services, subsegmentation, branding of a
particular tourism resource, subject, destination and tourist manifestation, implementing the
differentiation strategy by introducing premium prices and the corresponding levels of supply,
et. al.
2.2.
Conclusion of the exploratory research
The following structural factors – labour market regulation, tax policy, subsidising policies,
trade restrictions, etc., will continue to influence the economy of Republic of Croatia.
International cooperation and business integration are therefore imperative. This, in turn, can
strengthen the competitive position on the global market. The experiences of numerous
companies point to the advantage of repositioning in a niche market, a feat conditioned on the
ability of modifying the marketing strategy. The diminishing of the demand on both the
domestic and foreign markets can be offsetted by increasing the competitiveness of the
product range. The same outcome can be achieved by implementing differentiation,
specialisation and other strategies. Subsegmentation is also a viable and advisable strategy, as
well as modifying the marketing communication to correspond to the targeted segment of a
chosen market niche. Unless no effort is done to offset the crisis effects, the lowering of
market share is unavoidable because of high unemployment, loan restrictions and the
diminished purchasing power. Although the central bank of the Republic of Croatia lowered
the reserve requirements for the secondary banks, it is necessary to implement further
measures to abate the effects of recession. In the mean time, it is advisable for companies to
revaluate their market position and redefine their market approach and marketing strategy.
Positive business practices determined by this exploratory research present a sound basis for
redefining the marketing strategy and niche market positioning.
3. The marketing strategies for market niches
The market segments have been narrowing during the last decades, both in terms of
characteristics, as well as preferences (Kotler, 2003). The particularities of the targeted
segment are the acceptable starting point when redefining the niche marketing strategy. The
increased niche market differentiation serves to strengthen competitiveness (Ang, 2001).
When making a decision considering the redefining of a particular niche marketing strategy, it
is crucial to take into consideration the current attitudes of the targeted marketing segment.
The process of marketing products on a particular market niche assumes adjusting the product
range and the promotional mix. On this implemental level, it is possible to address this using
the umbrella term of micromarketing. When considering price management, marketing a
product on a particular niche market yields exact additional value because it signifies
increased competitive advantage on a particular market segment. Before the marketing
strategy is redefined, market segmentation has to be carried out, target segments and
subsegments defined and thus a single or more acceptable market niches selected.
3.1.
Theoretical approaches
The niche marketing strategies mentioned in theory should not be generalised and applied to
the present business conditions because of the narrowing market segments. When deciding on
positioning within a particular niche market, the business should take into account perceptions
and the prevalent system of values of that specific market segment. The approach to
differentiation remains the cornerstone of strengthening competitiveness. This way, the
company strengthens the specialisation of serving the chosen segment, which can ensure the
preservation of the market share, as well as ensuring the market share growth and the rise in
business activity. By ensuring a prominent position within the consciousness of target
customers, the company ensures continuous sales growth. The competitive advantage should
be achieved with long-term goals in mind. One should ensure the constant customer exposure
to aggressive promotion, therefore managing the promotional mix, tailoring it to the values
held by the targeted market segment (Murray, 2004). The basis of redefining the marketing
strategy is an advisable method of developing specific customer needs. This approach
represents the fastest means of determining a lasting market niche, one where not only
preservation, but also the expansion of market share is possible. The postulate for an effective
market niche positioning (Kotler, 2003) can be operationalised in the following manner:
1. Monosegment positioning – involves developing a product-and-marketing program
tailored to the preferences of a single market segment;
2. Multisegment positioning – implemented by using the commercialization strategy and
adequate promotion mix, with the goal of attracting consumers from different
segments.
3. Standby positioning – implementing the product management strategy and the
corresponding promotional strategy in order to ensure the maintenance of the existing
product, brand and company image;
4. Imitative positioning – a strategy where a new brand targets a position similar to that of
an existing, successful one, produced by the competitor;
5. Anticipatory positioning – the repositioning marketing strategy is based on anticipation
of the evolution of a segment's needs;
6. Adaptive positioning – consists of periodically repositioning a brand to correspond with
the evolution of the segment's needs;
7. Defensive positioning – consists of redefining the current marketing strategy, with the
goal of protecting a potentially vulnerable market position, due to the possible
competitive positioning in the same market niche with the use of similar, imitator
products.
It is useful to also present the approach suggested by Ries & Trout (Kotler, 2003):
 Strengthening the current brand position within the customer’s consciousness, regardless
of the companies’ position (whether it is the one of leader or challenger).
 Finding an unoccupied market niche, one holding a sufficient number of customers,
whose loyalty may also be preserved in the future.
 Competitive depositioning and repositioning, using adequate promotional activities (by
accenting the relevant information that influences the customer perceptions).
3.2.
Suggestions concerning the various theoretical approaches
The act of redefining the marketing strategy should be supported by the modifications in
product range, chosen brand management activities, change in prices, packaging
modifications, pre-sale and post-sale services, etc. The modifications should be based on the
peculiarities of the targeted segment, as well as the characteristics of the marketed product, its
category and range. When considering the technical products, post-sale services are of the
utmost importance. With the products of large sale volumes, delivery is crucial. The niche
marketing strategy may be also based on secondary and tertiary product characteristics, as
well as the existing complementary products. Special serviceability features, as well as
specificities of product extensions contribute to the ability of the company to differentiate,
thus indirectly strengthening the company’s competitiveness. These all constitute options
which may contribute to the preservation and / or increase of the market share during
recession periods. The effectiveness of a particular repositioning marketing strategy may be
assessed on the product category level, the brand level, etc. Customer perception, substitute
risks and various other factors are analysed. The final selection and modification of the niche
marketing strategy is done with regard to long-term product strategy and brand management,
as well as the business environment analysis. Thus redefined, the marketing strategy should
match the preferences of the target segment, all the while considering all the relationships
governing the market’s state.
4. Sample research and results
4.1.
Research sample and general results
The research was done on the sample of 89 companies in Croatia. The pre-test determined
which companies should be included into the research (those that: operate with profit, modify
and remodel their marketing strategies to target specific market segments, do business in
specific market niches, etc). Survey questionnaire was completed by authorised managers.
The following tables depict the structure and type of companies contained within the sample.
Table 1 – The sampled companies by sector
INDUSTRY SECTOR
NO. OF COMPANIES
FOOD INDUSTRY
22
COMMERCE
28
CONSTRUCTION
10
IT INDUSTRY
14
TOURISM
15
Source: Author research, 2013.
Table 2 – The companies’ business experience (in years)
Years in
Food
business
Industry
0-3
0
0
0
3
0
4-7
2
3
0
5
6
8-11
3
5
3
3
4
12-15
10
16
4
2
5
16-19
7
4
3
1
0
0
0
0
0
0
20 and
more
Commerce Construction
IT
Industry
Tourism
Source: Author research, 2013.
The answers obtained by the survey point that the food industry companies readily meet new
market demands. Those focused on narrower segments base their business practices on the
strategy of developing new categories of products, the growth of product range and the
strengthening of image using product branding. The commerce companies sampled are mostly
small and middle-sized. They are characterised by degrading sale capacities and business
processes. The factors limiting expansion are lower turnovers and a lower gross margin per
each employee. The strategies proving to be effective for the commercial sector are based on
employee education and specialization, finding narrow niche markets, where the company
offers a deeper assortment of products, when compared to large retail chains. The change of
customer behaviour in the construction sector is caused by the general state of the economy,
the diminishment of personal income and the increase in unemployment. The customers are
quite aware of the existing condition, so they strive to invest into real estate optimally. The
strategies enabling the preservation of the market share are based on the basic or very basic
amenities, specialization of the offer in order to meet the needs of particular age groups, by
ensuring more economic costs of living (building constructions with high energy class
characteristics, etc.). The recession also influenced the IT sector, by lowering demand, which
sampled companies tried to offset by modifying and adjusting the offered product assortment.
Strategies proving to be effective when maintaining the market share are specialization
(which ensures the production of very specific IT products, which ensure immediate benefits
for the customer, quite often lowering overhead costs), as well as the low pricing strategy
(especially for the products required by the recently adopted regulation). The projects of
developing new products are continuously being set in motion, even during the recession.
During the periods of recession, the tourism sector exhibits continuous growth, thanks to the
adjustment and specialization of supply to specific markets, the broadening of assortment, the
integration of individual tourism products, and the activities aimed at strengthening the
tourism brand, etc. With regard to the option of repositioning to some other segment, the
officials of 80 companies deem managing internal assets, education investing and improving
business functions as measures able to ensure market survival. The representatives of 9
companies regard the latter activities as insufficient at guaranteeing the market survival. The
diminishment of market share is an unavoidable occurrence during recession for 85 managers.
Only 4 people think that it is possible for a company operating during recession to maintain
the existing market share or to even expand it. In spite of profitable business dealings, 80
companies experience the diminishment of market share during recession. From the sampled
companies, 26 officials think that focusing on the market niches during recession is neither
recommended nor profitable, 10 managers are ambiguous, and 43 people partially agrees with
the assertion that focusing the niche market is not significantly profitable. The officials from
remaining 10 companies think that niche market positioning is extremely profitable. From the
sampled 89 companies, 11 managers have constantly introduced new products and services in
the last few years. Among these 11 companies, 9 companies managed to maintain or increase
market share. During the recession period, 78 companies narrowed the product assortment
and all of them have also reduced their market share. The prevalent number of managers of
the sampled companies strives to abandon the low-profitability segments, with the goal of
adjusting the supply to a narrower market segment, one characterised by less competitors. The
research also indicates that 9 of 89 companies sampled are positioned in the profitable market
niches, thus maintaining or increasing their market share. The following chapter concentrates
on the business experiences of these 9 companies, which are crucial for the stated research
problem.
4.2.
Useful research results of the 9 exceptionally successful sampled companies
Within this group, characterised by the ability to maintain or expand the market share, 6 are
doing business in the tourism sector, the rest in the IT sector. All of them have changed target
segments during the last years. The remaining 80 companies, which have evidently lowered
their market share recently, have also serviced mostly the same market segments. From 9
sampled companies that maintained or increased their market share, 6 have obtained one or
more new segments, focusing the market niche by relaunching an existing product to another
niche. The experiences submitted by the research results indicate that the most advisable
market niches are: medical tourism, counselling, software creation, ship repair and expert
maintenance. From the 9 companies expanding their market share, 6 deem elimination of
insufficiently profitable products and the importance of introducing new companies
imperative. There are 3 companies basing their market share growth primarily on the
innovative approach to marketing strategy. From the 9 mentioned companies, 5 of them
identified new niche markets by using benchmarking tools on the foreign market and the 4
remaining companies monitored the domestic market trends and competition.
The research results point that 5 of 9 companies gaining in market share deem additional
investments into business operation necessary. The remaining 4 companies think new
investments are unnecessary. With regard to redefining the marketing mix, 4 companies hold
identical approaches to all the markets they do business on and 3 companies continuously
improve their product management activities. There are 2 companies continuously adapting
their assortment, price and distribution to the target segments. With regard to the
characteristics of targeted segments, from the 9 companies experiencing market share growth,
7 are focused on the segments characterised by price elasticity and 2 have focused their
business offer on the more opulent segments. With regard to the supply quality, from 9
companies, 6 offer products that are of a higher average quality than their competition, while
3 remaining companies have products of lower quality and price in terms of market average.
With regard to product price, 7 companies base their supply on pricing lower than that of the
competition, 2 companies on higher prices. When considering promotional activities, 5
companies primarily use the Internet (web page and social networks), 3 companies primarily
make use of PR trough specialised magazines. A single company uses electronic media as the
main means of communicating with target segments. The distribution on the domestic and
foreign markets is based on agents and representatives for 5 companies, while the remaining 4
companies rely solely on e-commerce tools.
5. Conclusion
The profitability of a particular niche market during recession depends on its size and the
segment’s price elasticity. It is obvious that managers of most companies have not completely
comprehended the importance of standards governing the niches they serve. By continuous
monitoring and segmentation, it is possible to find a desirable niche, one not perceived by the
competition. The marketing planning is one of the prerequisites for determining profitable
market niches, with regard to the quality standards, product recognisability and the required
customer satisfaction. With regard to the obtained research results, the work hypothesis has
been tested, so it is possible to assert that the marketing strategy for niche market, adjusted to
the anticipatory customer behaviour enables the market share conservation during recession.
It is quite clear that companies doing business in certain sectors are able to maintain and
enlarge market share. Redefining and adjusting the marketing strategy is a prerequisite for
sale increase on chosen niche markets. Operational experiences point to the importance of
strategic approach of monosegment positioning and imitational positioning combined with the
anticipatory positioning. The market research which ultimately aims at determining a
desirable niche market should be supported by the activities contributing to the increased
customer loyalty. Depositioning and repositioning efforts done by competing companies is
effectively countered by a practice of continuous creation of new products. The prediction of
target customer behaviour during recession is greater as the ability of niche market
positioning increases. The marketing strategy modified for a niche market also assumes a
marketing mix in tune with the expectations of the target segments. Based on the experiences
of sampled companies, which managed to preserve or expand market share, redefining the
marketing mix assumes assortment modifications, change in price policy (lowering price), as
well as promotional and logistical mix (this remains especially advisable when dealing with emarketing and e-commerce).
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