17-Wrong niche:
As a business owner recognizing correct niche market target is necessary for further marketing planning and budget assignment.
To explain this better lets picture a shoe store that carries high-end fashion shoes for women. The first thing that comes into the mind, high-end fashion niche is only younger generation and teenagers. A good business owner will explore the possibilities to analyze further more into the data from business plan to understand the local community needs.
If selling high-end, then its higher quality and higher prices. A teenager on a student living budget cannot be a direct and only target niche. So the correct niche is a professional and higher income spender who is more interested in quality without considering the price tag.
This example clears how a business owner distinguishes the certain target audience by analyzing the local market data from business plan. With enough knowledge in market research, the business owner avoids wasting the marketing budget on a wrong niche