Answer :
The portion of a market that has special characteristics and identifies specific products for that market is known as a niche market. Niche markets are often defined by unique customer needs, interests, or preferences that are not being adequately met by mainstream products.
By targeting a niche market, businesses can create more specialized products and services that cater to the specific needs of that market, ultimately leading to higher profits and customer satisfaction. Niche markets can be found in many different industries, from fashion to technology, and can be identified through market research and analysis. While niche markets may have a smaller customer base compared to the mainstream market, they can be highly profitable for businesses that are able to effectively target and cater to their specific needs.
A portion of a market having special characteristics and identifying products for that market is known as a market segment. Market segmentation is the process of dividing a broader market into smaller, more specific groups based on certain criteria, such as demographics, geography, or behavior.
The purpose of market segmentation is to identify and cater to the unique needs and preferences of these distinct groups, allowing businesses to tailor their marketing strategies, products, and services accordingly. By focusing on specific segments, companies can more effectively allocate resources and target their messaging to resonate with the needs of their potential customers.
For example, a company selling sports equipment may target a market segment of young adults interested in outdoor activities. They would then develop products and marketing strategies specifically designed for this group, such as creating lightweight hiking gear and promoting it through social media influencers popular within this demographic.
In summary, market segmentation allows businesses to better understand and serve the diverse needs of their customer base by identifying and focusing on specific groups with unique characteristics. This targeted approach can lead to increased customer satisfaction and loyalty, as well as more efficient use of resources and improved overall market performance.
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