ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A market in which businesses sell to a large customer group with similar needs.
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A market in which businesses sell to a variety of customers.
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A market in which businesses sell to a small customer group with specific needs.
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A market in which businesses sell one product to many consumers.
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Detailed explanation-1: -A niche market is a focused set of people or businesses who want to purchase a specific offering. Think of niche marketing as the act of specializing in what you provide.
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: -In the simplest sense, niche marketing is a specific portion of the market’s demographics and target audience. For example, in the marketplace of shoes, there can be different segments attached to the same. For example, shoes for casual wear, shoes for the office, shoes for women, shoes for men, or shoes for parties.
Detailed explanation-4: -Niche marketing is a targeted marketing strategy aimed at small, specific and well-defined portions of the population.