What are small segments within a market that can offer profit potential to entrepreneurs who know how to serve them?

Question

Quizplus · Accepted Answer

Market niches are small segments within a market that have specific needs or preferences, and entrepreneurs who know how to serve them can offer specialized products or services that meet those needs. This can lead to a more devoted customer base and higher profit potential, as the business can differentiate itself from competitors by offering unique value to a specific group of customers. Focus groups and market nodes are not necessarily related to market segmentation, and demographic segments may be too broad to offer unique profit potential.

What Are Small Segments Within a Market That Can Offer