Almost every industry includes firms that specialize in serving target sub-segments called ________.
A) market niches
B) benchmarkers
C) customer databases
D) hotbox markets
E) local markets

Question

Quizplus · Accepted Answer

Market niches are specific segments of a market that companies can serve by tailoring their product or service offerings to fit the unique needs and preferences of that particular group. This can often be a more effective strategy than trying to serve a broad market, as it allows companies to differentiate themselves and create a more targeted marketing message. Benchmarkers are companies that use industry benchmarks to measure their performance against competitors, but this is not directly related to serving specific sub-segments of a market. Customer databases and hotbox markets are not common industry terms. Local markets refer to geographic regions rather than specific sub-segments of a market.

Almost Every Industry Includes Firms That Specialize in Serving Target