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NICHE MARKET

A Niche Market is a small section of a broader market that has its own needs and requirements; for example, the subset of people looking for raincoats within the general outerwear market. Niches can be identified and better understood by researching competitors, reaching out to people within that niche for feedback, and conducting user testing. The term “niche marketing” refers to choosing a market subset and targeting it specifically. As long as the market segment is not too small to turn a profit, the benefits of niche marketing are less competition, focused marketing, and greater product expertise.