In business, a niche refers to a specialized and well-defined segment of a larger market.It represents a specific group of customers with distinct needs, preferences, or characteristics that set them apart from the broader market.
Companies targeting a niche market tailor their products, services, and marketing strategies to effectively meet the unique demands of that segment.
By focusing on a niche, businesses can establish themselves as experts and often face less competition, making it an effective strategy for growth and profitability in specialized areas.