Creation and Development of New Business : The Importance of Global Niche Market

We suggest a framework of the global niche market which would enable a company to create and develop a new business. A global niche market is a small market which has particular and differentiated needs. There are two advantages to this framework. First, it makes the customers’ needs clear and thus companies are able to conform more closely to the particular needs. Second, competition with big companies can be avoided by selecting the appropriate market and business that match with the scale of the company (e.g. smaller scale venture businesses). The company would then be able to sustain its business by using the resources currently available. Here, we illustrate this process of new business creation step by step through a case study.