What is a NICHE and what is a MARKET?

[FastlaneTiger]

So I couldn't find any other thread about the correct definition about those two and I also googled it but I need a professional's correct answer + it could even give value to the forum.

 

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[FastlaneTiger]

bump, @Vigilante @MJ DeMarco @(zen*******) @JasonR @anyone who knows the answer o_o

I would really like to hear your definitions.

 

[SJVC]

An example,

Market: Camping
Niche: Fire lighters

 

[FastlaneTiger]

Can we say that a market is a group of people with the same need and a niche is an idea to fulfill this need?

 

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[pickeringmt]

A niche is a narrow segment of a market.

A market is a group of customers that have the uniting factor of a common need - ei your product

 

[FastlaneTiger]

Thank both of you.

 

[Guest]

Market is the umbrella term for individuals, groups,or organizations that buy your product or use your services.

Niche is who the specific market is.

Asking for the difference between market and niche is like asking, what's the difference between car and Volkswagon (or any car brand)? People buy cars, but not everyone buys a Volkswagon.

Hope this helps.

 

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[Deleted21961]

Here is what I think.

MARKET -- a group of people who may need your product. For example, cheap car can be bought by anyone who wants a car, so everyone driving is the market. Markt is kind of "objective" idea.
NICHE -- this is *your* focus. It exists in the eye of the beholder, so it is "subjective". For example, "low income people".

So, niche is your emphasis on some aspect of the market.

 

[SJVC]

I think you are over-complicating a simple topic

 

[Jakeeck]

The guy up a few posts has said it best.

People who buy cars=market
People who buy Volkswagons=niche
People who buy red Volkswagons=narrower niche

People who buy TV's=market
People who buy plasmas=niche
People who buy 60 in+ plasmas with 3d capability=narrower niche

Hope that helps

 

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[FastlaneTiger]

Thanks for all of the answers.

YES! I over-complicate the simplest things, I should work on it.
An entrepreneur needs simplicity and focus!

 

[jon.a]

Don't do this...

bump, @Vigilante @MJ DeMarco @(zen*******) @JasonR @anyone who knows the answer o_o

I would really like to hear your definitions.

Do this...
Never mind, I'll just Google it myself.

 

[GuestUser113]

Don't do this...


Do this...
Never mind, I'll just Google it myself.

But wait! If he does that, he might come across a scammy bullshit advertisement answer.

 

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[jon.a]

But wait! If he does that, he might come across a scammy bullshit advertisement answer.

I learn from ads too.

 

[FastlaneTiger]

But wait! If he does that, he might come across a scammy bullshit advertisement answer.

I've never liked you. I think I will get banned if I say this but here w... whatever....

@jon.a I don't think that you will understand why he said "scammy bullshit advertisement".
There was a thread which got deleted... he was referring to that thread. Whatever...

 

[GuestUser113]

I've never liked you. I think I will get banned if I say this but here w... whatever....

@jon.a I don't think that you will understand why he said "scammy bullshit advertisement".
There was a thread which got deleted... he was referring to that thread. Whatever...

 

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[RogueInnovation]

Market is a group of prospects that have interest in the ideas you are pursuing
eg boat enthusiast
sports cars
luxury cars

A niche is when you peel away from the larger market to focus on the interests of a specific few within that market, or a certain specialty
eg luxury yatch steering wheels (as not everyone really needs that)
or race rudders for professional race yatchs

I personally look for an existing market then scan through niche ideas, then create an idea for that niche

Example:
Market: Street cars
Niche: Rims for the car bouncing niche
Idea: These rims light up

To assess the idea I look first at the MARKET not the idea or niche.
I ask something like "how big is the street car market", then have a look at general culture in that market, because if the market will reject my rims as stupid, it might mean my car bouncing customers won't find it interesting.
Then I ask what the niche really looks for in rims and ask questions about what they like and why they add stuff to their cars and what is important to them.
Then I ask myself how I can better the idea and couple it with execution and marketting strategies.

Maybe I put self correcting lights on them so the wheels have constant images, like "boss" or whatever or a bulls head.