Competitive Advantage and Sustainability Business & Marketing Essay (Essay Sample)

Competitive Advantage and Sustainability
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Competitive Advantage and Sustainability
Today, having a sustainable competitive advantage has become one of the most important factors that largely determine the success of a business. However, gaining a competitive advantage is a relatively challenging pursuit, informing why businesses often employ various strategies to allow them to prosper in the ever-stiffening competition, one of which is niche marketing. According to Toften and Hammervoll (2013), a market niche means a focused and targetable small portion of a broader market in which specialized goods or services are offered for sale to customers with comparable needs. Accordingly, niche marketing is a marketing strategy in which the business focusses on a specialized and fairly smaller area of demand for its goods or services (Toften & Hammervoll, 2013). Within the larger market for women shoes, for example, an entity can specialize in the sale of trans-women shoes, hence niche marketing.