Description: A niche market is a specialized segment of the market that focuses on a particular type of product or service, aimed at a specific group of consumers with particular needs and preferences. This approach allows companies to cater to a smaller but highly engaged audience, which can result in greater customer loyalty and less competition. Niche markets are especially relevant in sectors where consumers seek personalized products or services that are not available in the mass market. Identifying a niche can be based on various factors such as demographics, interests, geographic location, or purchasing behaviors. By focusing on a niche, companies can develop more effective marketing strategies and products that better align with the expectations of their target audience, often leading to higher profit margins and a stronger competitive position.
