A smaller market, usually within a large market or industry.

• A. Mass market
• B. Niche market
• C. Global market
• D. Local market

Answer: (B)

A niche market is a smaller, highly defined segment within a larger market. It exists because customers in that segment share specific needs or preferences that aren’t fully met by mass-market offerings. By focusing on this narrow group, a business can tailor its product, pricing, and marketing to fit those exact requirements, often building stronger loyalty and achieving higher margins with less competition. This matches the description of a smaller market usually within a large market or industry. In contrast, a mass market targets a broad audience, a local market relates to a geographic area, and a global market is worldwide but not necessarily a small, specialized segment.