A Market Niche Is

question 34

Multiple Choice

A market niche is

• A) a competitive position that has little profitability for a firm.
• B) a relatively small group of consumers who have a unique set of needs and who typically are willing to pay a premium price to a firm that specializes in meeting those needs.
• C) a market segment that a firm stole from a key competitor.
• D) a market strategy that positions the firm's brand as close to the market leader as possible.

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Definitions:

Sanction

Sanction is an action taken by a country or international body to enforce compliance with laws or regulations, often involving trade restrictions or the imposition of penalties.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s.

John Maynard Keynes

A British economist whose theories on the causes of prolonged unemployment and recommendations for government intervention in economies to stimulate demand and avoid economic depressions have had a profound influence on modern economic and political theory.

Civil Penalty

A fine or monetary punishment levied by a government agency as a consequence of violating laws or regulations, not involving criminal prosecution.