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Explain the term niche market and provide an example to support your answer - Leaving Cert Business - Question 8 - 2019
Question 8
Explain the term niche market and provide an example to support your answer. Example:
Worked Solution & Example Answer:Explain the term niche market and provide an example to support your answer - Leaving Cert Business - Question 8 - 2019
Step 1
Explain the term niche market
Answer
A niche market refers to a small, specialized segment of a larger market focused on a specific product or service. This market usually caters to a unique set of needs that are not addressed by mainstream providers. Niche markets often feature fewer suppliers and can offer distinct advantages, like reduced competition and a more targeted marketing approach. Companies operating in niche markets typically attract customers looking for specialized products or services that align with their specific interests or requirements.
Step 2
Provide an example to support your answer
Answer
Examples of niche markets include:
- Wheelchair accessible vehicles that cater to individuals with mobility challenges.
- Organic foods or Free Range poultry, aimed at consumers seeking healthier, ethically sourced options.
- Speciality 'Free From' foods such as vegan or gluten-free products designed for individuals with dietary restrictions like lactose intolerance or those managing diabetes.
- Specialist types of clothing/footwear, such as those designed specifically for people with particular medical conditions or lifestyle needs.
- Wedding shoes tailored for specific styling or comfort, appealing to brides looking for unique options.