BUISENESS MANAGEMENT
MARKETING
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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 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: -Niche marketing is a targeted marketing strategy aimed at small, specific and well-defined portions of the population.
Detailed explanation-3: -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.
Detailed explanation-4: -A niche market is a small part of a larger market that has its own specific needs, which are different from the larger market in some way.
Detailed explanation-5: -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.