A market niche is a specific segment within a broader market where a company or entrepreneur focuses on offering specialized products or services that meet the particular needs and desires of that specific group of customers.
It’s like finding a “gap” in the market where demand isn’t fully met.
By identifying a market niche, one can tailor the marketing strategy and develop unique products or services that fit the characteristics and preferences of that target group, which can lead to greater customer satisfaction and a competitive advantage.
