A niche refers to a specialized segment or specific area within a larger market or ecosystem. It represents a distinct and focused subset of a broader industry or target audience. In this context, a niche is characterized by its unique needs, preferences, or characteristics that differentiate it from the larger market.
A niche can exist in various domains, such as business, marketing, ecology, or evolution. In business, finding a niche involves identifying an unmet or underserved customer segment and tailoring products, services, or marketing strategies to address their specific requirements. By focusing on a niche, businesses can often differentiate themselves from competitors and establish a strong presence within a specialized market.
For example, within the broader market of clothing, there are numerous niches such as sustainable fashion, athletic wear, plus-size clothing, luxury apparel, and vintage fashion. Each of these niches caters to a specific subset of consumers with unique preferences or needs.
In summary, a niche refers to a specialized and distinct segment within a larger market or ecosystem, characterized by its specific requirements, preferences, or characteristics.
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