Niche Market
Small segment of consumers with specific, often specialist needs underserved by mass-market competitors.
Real World
Lush Cosmetics targets the ethical beauty niche, selling handmade, cruelty-free products at premium prices to a loyal customer base that rejects mainstream cosmetics brands.
Exam Focus
Always evaluate niche strategy: state the benefit (pricing power/loyalty) and the risk (small market size limits growth).
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