What type of market is characterized by a specific group of consumers with unique needs?

A niche market is one that focuses on a specific group of consumers who have unique needs, preferences, or interests that are not fully met by the mainstream market. Businesses that target a niche market often provide specialized products or services tailored to those unique demands, allowing them to differentiate themselves from competitors. This targeted approach helps companies build strong relationships with customers who feel that their specific needs are understood and met.

In a niche market, the marketing strategies are often more focused and personalized, which can lead to high customer loyalty and satisfaction. By catering to a smaller, well-defined audience, businesses can optimize their offerings and create a loyal customer base, which can be more profitable than trying to appeal to a broader audience that may not feel the same connection.

In contrast, a mass market aims to attract the largest number of consumers possible, typically through products that are generic and widely applicable. Brand extension refers to using an existing brand to introduce new products, and a trade show is an event where businesses display and promote their products to potential buyers and industry professionals. These latter concepts do not focus specifically on meeting the unique needs of a particular consumer group in the same way that a niche market does.