What is a niche market? Explain fully.?

Im working on my business studies coursework and need to explain fully what a niche market is, and i thought i had, but i got it wrong so could someone help me please! :]

Public Comments

1. A market catering to a very specific demographic.

2. Hi,

This wikpedia answer should be what you are looking for :-

http://en.wikipedia.org/wiki/Niche_market

Arnak

3. Niche is a small, but strong market.

For example, comics are a niche market - there's not many of them, but there are enough who buy lots and regularly to justify shops that sell them. There won;t be many shops, but those that do can do very well out of this nich market

4. i jst did this in business studies! but we did ditink niche market aswell. i got most of it of Wikipedia!
this got me an A:

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.

A distinct niche market usually evolves when a potential demand for a product or service is not met by any supply, or when a new demand arises due to changes in society, technology, or the general environment.

Niche market ventures may become profitable even though they are by nature small in comparison to the mainstream marketplace, due to the benefits of specialization and focus on small identifiable market segments; even without the benefit of economy of scale. Niche markets may be ignored or discounted by large businesses due to what they consider to be small potential; this in turn is part of the process that makes the niche market available to smaller businesses. The key 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.

5. A niche market is a specific market aimed at specific buyers

6. Are you GCSE or A level because you need to know in different depths?
Its really easy to find out a definition of niche market on the internet.
But basically theres two types of market Mass and Niche. Mass is for example a sandwich shop in a city there will be lots of competitors and all will be providing the same products. They will try to provide their products in the quickest time possible at the best possible price. Because lots and lots of people want these items they will charge a low price (lower than competitors) and even though they are making only a small profit from each item because so many are selling they make a large profit
HOWEVER
Niche market would be for example a sushi restaurant in a small town. Because there will only be one of them and no competitors all of the customers will visit them. However because the idea is so different and the offer a specific product they will only have a few customers. Due to having no competitors they can charge a higher price and although they have only a few customers the high price means they also make a decent profit

Hope this helps!

7. This link will lead you to an expert's explanation, with further links at the bottom, to provide even more details :
http://www.sticky-marketing.net/articles/niche_vs_market_access.htm
Happy hunting !

8. niche markets are a very narrowly focused market. Organic foods is a niche market as the companies are catering to a small group of people who want pure foods without preservatives or other chemicals like pesticides or in the case of meats, antibiotics, steroids or other drugs, which stay with the meat.

9. put simply....

Music is a market.... pop music is a large niche market.... Elvis would be a niche market within a larger niche market... male fans of Elvis would be an even smaller niche market... and then you might want to find an even smaller niche market within that one... to sell for example 'Elvis Sunglasses' to males between the ages of 30-40 which would be an even smaller niche market.

It gives you an opportunity to accurately target your marketing efforts...rather than attempt a scatter gun approach at the whole music industry for a product that maybe only a tiny percentage would be interested in. It's also very cost effective. It identifies your potential customer base and lets you target them directly rather than spend a fortune sending mail shots to people who aren't even vaguely interested.

10. Hi Charlott.put simply a niche market is identifying,a need that is not being met in a particular interest area.

Example,Health,very large topic,you identify a way to lose weight naturally and quickly for 13-19year olds.

After researching,the response is overwhelming,with little or no competition.

Hey presto!!!

You have a niche market

Stay Focussed, you're doing good.