12 Explain what is meant by a 'niche market', using an example.

[Hajra]

K: A niche market is a small, specialised part of a larger market that focuses on a specific group of customers.
App: For example, a company that sells vegan skincare products targets a niche market within the wider beauty industry.
An: This lets the business meet unique customer needs, face less competition, and build strong brand loyalty.

[Mamoona Hussain]

KN: A niche market is a part of the market which specializes in a specific field of that market.
APP: For instance, a brand which offers customised writings or patterned bags.
AN: Due to this, the startups can manipulate the gaps in the market which are not covered by the big brands, enabling them to offer a USP (unique selling point), which attracts customers, increasing their sales, revenue and profits earned, improving brand image and ensuring survival in the initial months of the startup. Therefore, a niche market helps new businesses enter the market and to survive the big brands there.

[M huzaifa jillani]

(KN)
A niche market is small and specialised part of a larger market that focuses on meeting the needs of the specific group of customers.
(APP)
For example a company might sell luxury handmade watches for rich customers who want unique designs instead of normal mass produced watches.
(AN)
This means the business targets fewer customers but can change higher prices because its products are exclusive and meet special needs.
However the business also faces a smaller customer base so it must maintain strong loyalty and quality to stay successful.

[AliAzeem]

[KN]It is a specialized part of a market.
[APP]For example a sports store providing only cricket bats.
[AN]A niche market helps startup businesses to survive as they will be focusing on one specified product only making it good quality which will lead to high customer demand and brand image will improve.

[Shuraim Arif]

(KN) It is a small, specialized market targeted for a specific type of consumer base and usually charge higher prices due to less competition in the market.
(APP) For example, a company that sells sugar free soda for people that are on a very strict diet can charge higher on the basis that their product is different from the rest of the market, giving an element of USP, and has little to no competition in the market.
(AN) The higher prices charged help to satisfy its costs quickly, leading to a higher profit and with the increased success rate of most niche markets, it also leads to many young entrepreneurs who have limited capital to start a business in the niche market, where competition is less and therefore prices can be charged higher.

[hassanalizafar]

[KN]Small specialised segment of a much larger market that focuses on meeting very specific customer needs .
[APP]For instance, a bakery that only sells gluten free cakes targets customers with gluten intolerance or those who prefer gluten free diets.
[AN]This allows the business to attract a focused customer group which reduce competition from larger mass market bakeries which helps them charge higher prices for specialised products and inc revenue which build a strong and loyal customer base hence increase customer satisfaction.

[Shaliza khawaja]

niche market focuses on a part of market that serves a specific part of the market with unique preference
for example a skincare brand selling products made with natural ingredients targets customers who perfer plant based products
By entering a niche market you not only provide customers people with productnot introdced yet but only give them a chance to customize there products, this secures you a good amount of custmers, not only this but if your product is to there liking they would in the long term become loyal customers and eventually good word of mouth spreads securing you larger revenue

[sarah_naeem]

[KN]: A niche market is a small, specialized part of a large market.
[APP]: For example, a business that only sells medicated shoes is a niche market as it targets specific customer needs.
[AN]: Thus, a niche market has a specific aim or goal they work on achieving which allows the business to attract customers easily as it focuses on its specific needs which reduces their competition with larger mass market businesses which also further helps them charge higher prices for such specialized products which increases their profit margin from which they can enhance the development of the business leading to customer loyalty which leads to the business's long term growth.

[Areeba Arshad]

[KN] A niche market is a small and specialised segment of a larger market that focuses on meeting specific customer needs.
[APP] For example, a shop that only sells football boots designed for left-footed players serves a very targeted group of customers.
[AN] This allows the business to concentrate on a clearly defined audience, offer products that match their exact preferences and build customer loyalty by providing something unique that larger firms may overlook.

[Tuqwa]

kn:A niche market is a small and specialised segment of a larger market that focuses on meeting the specific needs of a particular group of customers
app:Forexample a business that sells only football boots designed for left footed players is serving a niche market as it targets a very specific type of customer rather than the general public.
an:this allows the business to offer unique products with less competition and build strong customer loyalty within that small market segment.