Which of the following refers to a narrowly selected target market segment?

A niche market refers to a narrowly selected target market segment tailored to meet specific needs, preferences, or interests of a distinct group of consumers. By focusing on a specific subset of the overall market, businesses can create specialized products or services that cater precisely to that audience, often leading to reduced competition and more identifiable brand loyalty.

This targeted approach allows companies to effectively address the unique demands of their niche, positioning themselves as experts within that segment, which can be a critical advantage in highly competitive markets. In contrast, a target market is broader and may not address such specific consumer preferences, while a mass market aims for the widest possible audience. Market segmentation is the process of dividing a broader market into smaller, more defined categories, but does not specify the narrow focus of a niche market.