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A business has a very small target group but their need is intense and willingness to pay is high. What type of opportunity may this market represent?

Answer and explanation

Correct answer: A niche market opportunity

A niche market is a small, clearly defined customer group with a particular need. It can be commercially attractive when the problem is important and customers are willing to pay, even though the total number of buyers is limited. It is not the same as a mass market or a market without demand.

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Niche MarketTarget CustomerIntroduction To EntrepreneurshipEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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