Niches

In order to raise profits, companies try to look for a "niche." A niche is like a small monopoly that a company achieves over some small aspect of a product. For example, most Wendy's products are pretty comparable to any other fast food items. However, they might have some market power (monopoly power)  in the small bacon cheeseburger market. Their exceptional Jr. Bacon Cheeseburger gives them a niche within the fast food industry. You could also say that they have a niche/monopoly on 24-hour service or frosties. Since they are the only ones producing such a service, they might be able to raise prices on people, and people that really want their special product do not have other options.

Despite the possibility of heightened prices, people can still buy the standard products for a competitive price, and so it is beneficial for companies to look for these niches because it creates a greater variety of products.

I have seen in myself and in others the desire to have unique qualities. This greatly contributes to the beautiful variety that we see in the world. I believe that it is great to look for our own niches (unique qualities) as long as we are non-monopolistic and share our gifts freely.

Our unique gifts "are given by the manifestations of the Spirit of God unto men, to profit them" (Moroni 10:8). "If their talents are used to build the kingdom of God and serve others, they will fully enjoy the promises of the Savior" (James E. Faust).

I hope we can find and use our unique gifts and talents!