Question

Which of the following is best defined as areas where there are favorable demand trends, customer needs and wants are not being satisfied, and where a company thinks it can compete effectively?

1) Market segmentation
2) Market development
3) Market penetration
4) Market niche

Answer 1

A market niche is defined as areas with favorable demand trends, unsatisfied customer needs and wants, and where a company can compete effectively.

Step-by-step explanation:

Areas where there are favorable demand trends, customer needs and wants are not being satisfied, and where a company believes it can compete effectively are best defined as a market niche. Market niche refers to a specific, often small segment of a market that is not being fully served by existing suppliers. Companies that identify a market niche can capitalize on the unmet needs of customers within that segment.