Definition: [nɪʧ ˈmɑrkət] represents a limited in the scope of the type of business or sphere of economic activity with a sharply defined circle of consumers. This is a part of the market in which demand is incompletely or inadequately satisfied. The market niche is an unoccupied or not fully occupied place in the market, which allows the enterprise to show its advantages over its competitors. In other words, the market niche is determined by a product that is exceptional in its characteristics and advantages compared to products of other manufacturers. The niche of the market is characterized by the presence of the following features: highly individualized needs and consumer demands, for which a certain set of complementary products is needed; small and stable potential market capacity; significant weakening of competition.
Niche Market In a Sentence:
- The capacity of a market niche is always less than the capacity of a market segment. Niches are always relative in time. As saturation with competing companies, they turn into a market segment.
- The process of determining the niche of the market often resembles the search for free space, a market vacuum, which must be filled as soon as possible.
Synonyms and related words: market segment, nishing, market niche capacity
