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Lesson · Grade 6 · Applied Design, Skills and Technologies

Finding a Market Niche

  • Grade 6
  • Applied Design, Skills and Technologies
  • 1 min 5 s
  • British Columbia
  • BC6-AD-20

A market of twenty people who might buy scissors is drawn as one labelled diagram. It shows that most shops mainly sell right-handed scissors, while the two left-handed people (about 1 in 10) form a smaller group with its own need: a market niche. Step by step, the video checks that this need is not met well and shows a new business making left-handed scissors just for that group. It notes that a niche has fewer customers but usually fewer competitors, and ends with the recap: to find a niche, look for a small group whose need others are not meeting well.

Concept: Finding a market niche: a need nobody is meeting

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In one sentence

The question this lesson answers

How can a new business find customers when other businesses already sell to most people?

A market is all the people who might buy a kind of product, like scissors.

Transcript

What the lesson says

How can a new business find customers when other businesses already sell to most people?

A market is all the people who might buy a kind of product, like scissors.

Most people are right-handed, so most shops mainly sell scissors made for the right hand.

To find a niche, look for a smaller group of people whose need is different.

For example, about one in ten people are left-handed.

A smaller group like this, with its own need, is called a market niche.

Next, check whether other businesses already meet their need well.

Scissors made for the right hand are often awkward in the left hand, so the need is not met well.

Then a new business can make something just for them, like left-handed scissors.

A niche has fewer customers, but usually fewer businesses competing for them.

To find a market niche, look for a small group whose need others are not meeting well.

Curriculum

Where this fits

British Columbia, Grade 6

Applied Design, Skills and Technologies, Entrepreneurship and marketing: market nicheBC6-AD-20

Previous: What an entrepreneur doesNext: What Makes a Brand: Name, Logo and Promise

British Columbia, Grade 7

Applied Design, Skills and Technologies, Entrepreneurship and marketing: market nicheBC7-AD-19

Next: Setting a Price: Profit or Break Even

This lesson is also listed in Grade 7.

The outcomes and strands follow the British Columbia curriculum.

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