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Niche Markets
A niche market is a specific segment of a larger market that is focused on a particular product or service. Niche markets are typically smaller and more specialised than broader markets, and they are often characterized by a high degree of customer loyalty and a strong focus on meeting the specific needs of the target market.
There are many different types of niche markets, and they can be found in a wide range of industries. Some examples of niche markets include:
- Organic, non-toxic baby products
- Vegan and cruelty-free cosmetics
- Specialty outdoor gear for extreme sports enthusiasts
- Luxury pet hotels and services
- Handcrafted, artisanal furniture
- Collectible and rare books
In each of these cases, the market is targeting a specific group of consumers with a particular set of interests or needs. These markets may be smaller than more general markets, but they often offer significant opportunities for businesses that are able to meet the specialized needs of their customers.
See also
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IB Economics - The Nature of Markets
Study Notes