Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?
A) market follower
B) market challenger
C) early adopter
D) market nicher
E) laggard

Question

Quizplus · Accepted Answer

A market nicher is a business that serves a specific market segment with unique needs and preferences that larger competitors may not meet. Crocus's focus on serving customer segments that major competitors overlook and ignore aligns with the definition of a market nicher. Option A) market follower refers to a business that follows the lead of competitors in terms of products, pricing, and marketing. Option B) market challenger is a business that seeks to challenge the leading competitor in a specific market. Option C) early adopter refers to a business that quickly adopts new technologies or products before they become widely adopted. Option E) laggard refers to a business that is slow to adopt new technologies or products and may be falling behind its competitors. These options do not accurately describe Crocus's business strategy.

Crocus, a Gift Store, Specializes in Serving Customer Segments That