A
company should be positioned on top in their respected industry because it
provides more opportunities to expand and grow since it already has the favor
from the people. But not all companies can come in first, and another strategy is to create your own specialized niche market. In a modern-day
example, wigs today are widely used in the fashion industry today. With the use
of synthetic hairs mixed with animal hairs and plastic, companies who are on
the top of the market due to affordability and its appeal, are quickly losing
its customers. Small business who pay fairly for those who donate their hair
created their own niche market compared to the bigger competitors they face in
the wig industry. By creating a specialized full authentic hair and the story
that is behind their brand has increased consumer favorability over the past
few years. The story mentioned above is about where the hair from wigs come
from. Refinery 29, a journalist media source, went overseas to Asian countries
to try to follow the path of where the hair on wigs come from. Due to the open
regulation on wigs all over the world, there has not been any laws that can
regulate criminal activity for those who trade wigs. Some people are even
robbed of their hair by criminals who pull and cut their hair on the street. By
providing fair pay for those who love their hair but desperately need money in
order to keep their homes or buy food, allows a more just economy in the wig
industry. It is important for companies to create their own niche market if
their competitors are too popular and hope to come on top in the industry feels
unlikely.
Similarly, creating your own
ladder means that you are positioning yourself in a place where you are no
longer competing in a bigger market. This ladder or niche, is a more specific
category that a brand has a higher chance of becoming first in that market. For
example, McDonald’s is known the be the most popular and best-profited in the
Food and Beverage industry. Jack in the box, another famous fast-food chain
will never compare to McDonald’s. So how can they grow or come on top? They carry curly-fries. Although McDonald’s has the “best” fries, they do not carry
curly fries and are not known as the "best curly fries" fast-food restaurant. Essentially, Jack in the Box created their own ladder. They are on
top in the curly-fries market. By targeting a specific market, companies such
as Jack in the Box are still positioning themselves in the mind of the
consumers.