What is niche market?

What is niche market?

A niche market focuses on a small product segment and caters specifically to one product. The market looks more into the specific product features and specific needs of the consumers. It sets a specific price range and product quality.In order to survive the tough competition, a company may create a niche market for itself as one of its strategies. The market is viewed from a narrow perspective under niche marketing. It may give that added advantage to an organization and its product and services which competitors may have otherwise overlooked. For eg. a company which is into cleaning business may create a niche market by concentrating on window cleaning services.