Market Niche
True. It is true. Market segmentation is typically used to identify and target specific customer types, and market niches are the subset of customers with similar needs and characteristics (Hoover & Clark, 2018). A large customer base that buys clothing could be divided into different categories, like jeans and t-shirts. This market could have a niche that consists of people who purchase high-end jeans. These customers would be unique because they are looking for fashionable and high-quality clothing. Market niches are often identified by marketing teams to identify the best customers and help them target. Companies can focus on specific market niches to create services and products that are more relevant and useful for their customers. You can identify opportunities to increase sales and market segmentation. A market niche can be described as a significant part of a segment market and a small subset of larger markets with unique characteristics. The key tools for…
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