Definition of Niche

A niche refers to a specialized segment of the market for a particular kind of product or service. It represents a distinct and specific target audience within a broader industry or market. Companies often identify and cater to a niche to differentiate themselves from competitors and meet the unique needs or preferences of a particular customer group. Niche markets can range from highly specialized and narrow segments to broader, more focused areas, and businesses that effectively address these niches often find opportunities for growth and success by tailoring their offerings to the specific demands of their chosen audience. Understanding and catering to a niche allows businesses to establish a competitive advantage, build a dedicated customer base, and thrive in a targeted market segment.