ENTREPRENEURSHIP

Detailed explanation-1: -A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large. For example, within the market for women’s shoes are many different segments or niches.

Detailed explanation-2: -A niche market does not mean a small market, but it involves specific target audience with a specialized offering. By doing so, the company becomes a market leader and it becomes possible for other firms to enter that particular segment.

Detailed explanation-3: -For example, within the market for women’s shoes are many different segments or niches. Shoes for vegan women would be a niche market, as would shoes for plus-sized women or shoes for nurses. Nearly every market can be further refined, or divided, by the specific needs and preferences of its constituents.