What is a market niche?
A)A small group of consumers with unique needs and who typically are willing to pay a premium to have those needs met
B)A large group of heavy users who are loyal to a brand because it provides value at a relatively low price
C)A market segment that is served by many firms and is characterized by high levels of competition
D)A market segment that is characterized by high sales volumes and low prices

Question

Quizplus · Accepted Answer

A market niche refers to a small group of consumers with unique needs and preferences that are not fully met by existing products or services in the market. These consumers are often willing to pay a premium to have their needs met, which makes them an attractive target for businesses looking to differentiate themselves and capture a loyal customer base.

What Is a Market Niche