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The authors tell a story of owners of a bakery, with an incredible niche product and market, who refused to sell their business to receive an incredible cash windfall.
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The product has grown by mostly word of mouth, and serves as a beautiful case study for other makers and inventors who have a product that serves a niche market.
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They have done so in much the same way that firms attract customers: by tailoring their product to suit a particular niche in the market.
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Do these niche market users deserve to have their needs put front and center when it comes to product development?
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In their little tiny niche of the ETF market, Emerging Global is playing with the big firms at least in terms of product, but not in terms of volume.
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Of course, second-lien debt is a niche product for issuers that require higher leverage than is usually available in the first-lien market, but that in many cases are locked out of the regular-way high-yield bond market because of size, credit quality, or complexity.
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