BTL 839 - Niche Market

 

The Banking Tutor’s Lessons

BTL 839                                                                                                12-11-2025

Niche Market 

Niche Market  is a  particular segment or subset of a bigger market, which caters to a specific group of people having common likings and demand. 

The market has its own distinctive set of needs, preferences or identity, making it unrelated from the traditional market. 

Development of a niche market acts as an opportunity to sell tailored products and services to the specific group, which are overlooked by the other firms and then devising strategies to cater the audience belonging to that group or niche. 

It begins with acknowledging the needs and preferences of the few customers and then making efforts to transform it into a larger market. 

Examples of Niche Market 

There are many niches, within the larger laptop market. Gaming Laptops would be considered as a niche market, as it will offer laptops to professional gamers, animators and multimedia artists, programmers, audio professionals and many more. 

Within a larger soap market, there exists a niche market for hand-made soaps, which will target only those customers who want chemical-free soaps, which are less harsh on the skin. 

In a larger cooking oil market, there is a niche market for cold-pressed oil, which focuses on buyers who give more preference to quality or health.

(This is Re-Publication of PB 243 dt. 21-12-2020 and BTL 600 dt. 3-11-2-23)

 

Sekhar Pariti

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