Assignment 2 – Define your Niche Market

Instructions
1. Please solve the assignment by doing your own research and thinking.
2. Answers to these questions will be different for every student. Follow the honor code.
3. Please submit the assignment through TalentLabs Learning System.

Context
In the previous module, you have selected a business for the whole course. In this exercise,
you are going to define your niche market and validate the niche market.
Assignment Task
In this exercise, we will leverage your knowledge in product-market niche and do a simple
validations around the product

We are going to define an important niche based on niches category selection below

. Price (luxury, moderate, discount)

a. Demographics (gender, age, income level, education level)
b. Level of quality (premium, handmade, economical)
c. Psychographics (values, interests, attitudes)
d. Geographics (residents of a certain country, city, or even neighbourhood)

Step 1: Start by putting in the product that you are selling and identify your niche market as
characteristics per the lesson.

Your Main Product Example: Ladies Shoes

Your Answer: Serum booster

Niche market characteristics Example: Demographics - Young ladies

(pick one or two dominant
Your Answer:
characteristics from the list above)

Gender: Suitable for all genders

Income level: Middle to high income

Niche Products Example: Minimalist slip-on shoes for travelers

(you can make up new products that
doesn’t exist yet)
Your Answer:
Niche Product 1: Sunscreen
Niche Product 2: Clay mask
Niche Product 3: Anti-aging serum
Step 2: Validate each product that you are planning to diversify with the usage of Google
Trends if it is stable, growing or spike period. All you need to do is just put your product
name or keyword in Google Trends and change the time frame into “Past 12 months”, also
the country should be the country to sell your products in.

If you found that your niche market trend is actually dropping, then you should find another
niche product. No one would want to enter a market that’s trending downwards.

Niche Google Trends Chart Product Stage

Product (Paste a screenshot) (Stable, Growing or Spike)

Example Stable

Niche Stable
Product 1

Niche Stable
Product 2
Niche Stable
Product 3