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

[Sir Afzal Shad]

12 Explain what is meant by a 'niche market', using an example.[3]
Hint: A small, specialised part of a larger market > Example: A shop that only sells football boots for left-footed players.

[Abdullah Baig]

Kn
A niche market is a small, specialised segment of a larger market that focuses on meeting the needs of a specific group of customers
App
For example, a business might sell football boots designed only for left footed players targeting a small group with very specific needs rather than competing with large brands that sell to everyone allowing it to attract loyal customers who value tailored products
An
Therefore, a niche market helps businesses focus their marketing and products on a well-defined audience, often facing less competition but with smaller overall demand

[Aarib Saad]

(KN)It is a small, specialized sub-section of a market.
(APP)For instance, a businesses that sells medicated shoes will be a niche in the shoe market.
(AN)Thus, limiting it's potential consumer base, so it always have a very limited number of sales, making it more difficult for it to advertise, therefore more difficult to gain recognition and develop brand image.

[Fatima ibtehaj]

[KN]A niche market is a small, specialized segment of a larger market.
[APP]For example, a company producing vegan, gluten-free skincare products targets a niche market — consumers who want beauty products that fit both vegan and allergy-friendly lifestyles.
[AN]Operating in a niche market allows a business to avoid direct competition with large mass-market firms which can lead to strong customer loyalty and the ability to charge higher prices because customers value the specialized product hence leading towards a development in brand image.

[Arham Qadri]

[KN] It is a small, specialized segment of a larger market.
[APP] For example a business that sell medicated football shoes will be a niche in the market.
[AN] Since it has limited number of sales it is difficult to be advertised leading to poor brand image and difficult to get recognized in the market.

[EmmanWaseem]

It is a specialised market for a specific target population under a larger market
For example clothing store for females with dresses only
The target customers will be attracted and will have customer satisfaction which will increase number of customers

[shamaim shakeel]

[KN] A niche market is a small, specialised part of a larger market that focuses on meeting the unique needs of a specific group of customers.
[APP] For example, Huel sells meal replacement drinks and powders for people who want healthy, plantbased, and convenient meals. It targets busy professionals and fitness-focused consumers who care about nutrition.
[AN] Operating in a niche market allows a business to avoid direct competition with large massmarket firms, which can lead to strong customer loyalty and the ability to charge higher prices because customers value the specialised product. This also helps the business build a strong brand image in that niche area.

[Naveen fatima]

[KN] A niche market is a small, specialised part of a larger market that focuses on specific customer needs.
[APP]For example, a business selling vegan skincare products targets customers who want cruelty-free and plant-based items.
[AN]It helps the firm build stronger customer loyalty because it meets very specific needs. Competition is often lower since few other firms sell similar products. However, the market is smaller, so the business may have limited sales and slower growth compared to larger markets.

[Wahaj Ashraf]

[KN] A niche market is a business that focuses on a specific group of customers with particular needs or preferences.
[APP] A business that sells handmade leather wallets for left-handed people is targeting a niche market within the wider accessories industry.
[AN] Thus in a niche market the business may face less direct competition However the market is smaller so the business may have limited sales and slower growth compared to larger markets

[Abdur Rehman khan]

[KN] A niche market is a small and specialised segment of a larger market that focuses on meeting specific category or customer needs or preferences.
[APP] For example, a store that only sells football boots for left-footed players targets a very specific group rather than the whole footwear market.
[AN] This allows the business to face less competition attract loyal customers who value specialised products and charge higher prices due to the uniqueness of its offerings of the product itself.

[abdurrehman waseem]

KN: A niche market is a small, specialized segment of a larger market that targets specific customer needs.
App: For instance, Lush targets eco-conscious consumers by offering handmade, cruelty-free cosmetics.
An: By focusing on a narrow audience, businesses can charge premium prices and build loyalty, even with limited customer numbers.

[Mustafa Khan]

[KN] It is a small, specialized segment of a larger market.
[APP] For example a business that sell football shoes for left footed players will be a niche in the market.
[AN] it will help them establish a brand image as only they will be selling this product, helping them make their customers loyal, which will attract more customers and will allow them charge higher prices.

[Aayan Zaidi]

KN: is a small specialised part of a larger market that focuses on a specific group of customers.
APP: E.g a company that makes vegan leather bags targets a niche market of eco - friendly customers.
AN: So niche markets let businesses meet unique needs and face less competition, but they have fewer customers.

[Abdullah Altaf]

[KN] The niche market provides products and services which focus on a specialist need or want.
[APP] For instance a business only selling children clothes would be called a niche market because it only focuses on children's wear only.
[AN] This allows the business to cater to a specific group of customers, potentially leading to strong brand loyalty and the ability to charge premium prices due to the specialized nature of the products resulting in higher profits.