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358 days ago
A niche market is a focused targetable portion (subset) of a market. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. A niche market may be thought of as a narrowly defined group of potential customers. For instance, instead of offering car cleaning services, a business might establish a niche market by specializing in a luxury car cleaning services. Why should you bother to establish a niche market? Because of the great advantage of being alone there; other small businesses may not be aware of your particular specialism or niche market, and large businesses won't want to bother with niche markets with limited sales potential. The trick to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already. More detailed information can be found on: ...
