Question

How would you describe a “market niche?” Describe four product/services that you own or consume that you would consider to be “niche” products. Why do you believe this to be true?

Answer 1

Answer

A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large.

Nearly every market can be further refined, or divided, by the particular needs and preferences of its constituents. Some of the most common ways to define a niche are based on:

• Price (e.g. luxury, moderate, discount)
• Demographics (gender, age, income level, education level)
• Level of quality (premium, handmade, economical)
• Psychographics (values, interests, attitudes)
• Geographics (residents of a certain country, city, or even neighborhood)

Four products that i own or consume and consider them to be niche are:

1. Sports TV Channels like ESPN:. Satellite tv has made it easier to provide specialist tv channels, which would not make it on to the mainstream tv.

2. T-shirts with slogans specific to my city.

3. Original Painting art by contemporary artist Donna Gallant

4. Home-made colorful face masks

All these products that i own are niche because they are not produced for the entire market becuase few customers have a preference for these products.