Quick Explanation of “Niche Markets”
Fri, May 18, 2007
Niches refer to niche markets. A niche market is a focused, targetable portion of a market sector.
A business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers.
A niche market may be thought of as a narrowly defined group of potential customers.
A distinct niche market usually evolves out of a market niche, where potential demand is not met by any supply.
Such ventures are profitable because of disinterest on the part of large businesses and/or lack of awareness on the part of other small companies.
The key to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already.
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