When a firm provides a specialized product or service for a narrow target market better than competitors, they are using a ________ strategy.

Question

Quizplus · Accepted Answer

A market niche strategy involves providing a specialized product or service for a narrow target market, which the firm can serve better than competitors. Product differentiation, mass customization, and process efficiency strategies are not necessarily focused on a narrow target market. Market transparency is not a strategy, but rather a characteristic of information being available and accessible to all market participants.

When a Firm Provides a Specialized Product or Service for a Narrow