MANAGEMENT

Detailed explanation-1: -A niche market is a smaller segment of a larger market. In niche markets, customers tend to have very specific wants and needs. Niche marketing involves outlining and understanding the needs and wants of customers in the small (niche) market segment.

Detailed explanation-2: -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-3: -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-4: -Niche marketing is a targeted marketing strategy aimed at small, specific and well-defined portions of the population.

Detailed explanation-5: -Niche marketing is a highly targeted form of advertisement. With niche marketing, businesses promote their products and services to a small, specific and well-defined audience. Many organizations adopt this strategy to support an underserved population and reap the rewards of brand loyalty.