Sri Lanka, Sept. 28 -- Niche marketing is a tactical approach often exploited by small and medium-scale enterprises targeting a specific and relatively small group of customers with unique needs and preferences. While mass markets draw the attention of large organisations, niche markets offer opportunities for small businesses to thrive with lesser resources.

Niche marketing allows companies to stand out and create a difference among competitors by supplying a specialised product or service to a distinctive customer group. By properly and accurately measuring needs, wants, and preferences, businesses can develop niche strategies to successfully market products or services to this target customer segment.

Most often, customers prefer per...