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EXPLANATION:
A specialized market in which a specific product is sold to a particular type or group of customers. A product or sservice for which there is sometimes little demand & often little or no competition.
<span style=”line-height: 1.5;”>STATEMENT:</span>
Every product can be defined by its niche market its highly specialized & aiming to survive among the competition from numerous super companies.
A small segment in the entire market where a specific group of committed buyers are targeted. In a Niche Market, one does not try to capture a share in the entire market but rather tries to own a very specific slice.
Eg:
- Sports Channels like STAR, TEN, SONY etc . . have different different channels for each sport to target a niche of sports enthusiasts.
- Hewlett-Packard (HP) has all in one machines for printing, copying and scanning targeted for the home/office niche while having separate machines with one of these functions for big businesses.
Statement Formation:
Me and my business partner practised niche marketing and concentrated all of our efforts on a small percentage of a population.
*.You can try forniche marketingif you think that you really need your product to go out to one small demographic.
A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact.
A niche market is the subset of the market on which a specific product focused.the market defines as the product features aimed at satisfying specific market needs as well as the price range production quality and the demographics that is intended to impact .its also a small market segment.
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