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Outline and illustrate the term 'niche market' - Leaving Cert Business - Question C - 2007
Question C
Outline and illustrate the term 'niche market'. A niche market is a specialist market which is especially suitable for the marketing of a particular type of product... show full transcript
Worked Solution & Example Answer:Outline and illustrate the term 'niche market' - Leaving Cert Business - Question C - 2007
Step 1
Outline the term 'niche market'
Answer
A niche market refers to a specialized segment of the market that caters to a specific group of consumers. This market usually focuses on a particular product or service and has limited competition due to its specialized nature. Niche markets are identified through market segmentation based on characteristics like socio-economic class, demographics, or geographic area.
Step 2
Illustrate the term 'niche market'
Answer
An illustration of a niche market can be seen in the bridal shoe industry. This market caters specifically to brides looking for unique and specialized footwear for their weddings, which distinguishes it from the broader footwear market. Due to its specialized focus, suppliers in this niche often have a deeper understanding of their customer's needs and preferences, allowing them to offer customized products.