Niche Market - Business concept of the day
Business Development
4 Oct 2018, 10:30 — 1 min read
Definition: A niche market is a very specific segment of a market in which a product is trying to meet a unique, focused and specialised need.
Example: A company entered into fragrance-free lotions and creams to target consumers with skin problems like eczema. Given their unique focus and the specialised product, they're able to charge 35% more than their regular line of products.
Business Insight: Strategies for entering a niche market are often aimed at being a big fish in a small pond.
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