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Defining and developing niche markets : strategic opportunities for Caribbean businesses

Authors
Publisher
Caribbean Studies Association
Publication Date
Keywords
  • Caribbean ( Lcsh )
Disciplines
  • Communication
  • Ecology
  • Economics

Abstract

DEFINING AND DEVELOPING NICHE MARKETS: STRATEGIC OPPORTUNITIES FOR CARIBBEAN BUSINESSES Diana J. Wong-MingJi Bowling Green State University Caribbean Studes Association Conference Panama City, PANAMA May, 1999 DEFINING AND DEVELOPING NICHE MARKETS: STRATEGIC OPPORTITNITIES FOR CARIBBEAN BUSINESSES Caribbean Studies Association Conference By Diana J. Wong-MingJi Panama, May 1999 Bowling Green State University Unique competencies, capabilities, and resources enable Caribbean firms to develop and sustain a strategic competitive advantage in some global industries. ~ a j o r technological and economic changes are generating numerous opportunities for the future of many small Caribbean businesses. One of the most important changes for small businesses is the fragmentation throughout society which is creating a fundamental shift in how customers are being sewed (Happoienu, 1990). The shift entails moving from mass marketing to mass customization and in the process, the rise of multiple heterogeneous niche markets to the extent of one individual in a niche (Pine, 1993). An understanding of creating, developing, and securing niche markets is an important initial step for small business entrepreneurs towards establishing a strategic position in the global market place. This paper examines the concept of niche markets from three different but related and overlapping perspectives - marketing, population ecology, and industrial organization. The three perspectives provide a theoretical foundation for a Caribbean approach to defining and developing niche markets within the broader global environment. The paper begins with a brief review of Porter's framework for Determinants of National Advantage and generic strategies to provide conceptual tools for analyzing specific contexts of Caribbean firm competition. Then, a discussion examines niche markets from three perspectives and relates each one to the specific conditions

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