What is a market niche?

Economics Dec 17, 2020

Expert Solution

A product that is made to serve a select group of people is targeting a niche market, or a specific subgroup of people. While some products may have broad appeal and need to advertise and sell to everyone, a niche market means you need to change your media mix for advertising and set special price points and customization options that are aimed at a particular subgroup of people based on a mix of age, gender, group identification, and/or geographic location.

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