Niche markets are

• A. Very large markets with mass appeal
• B. A smaller market, usually within a large market or industry
• C. Markets with no competition
• D. Global markets with universal demand

Answer: (B)

A niche market is a smaller, highly targeted part of a larger market where a business focuses on meeting the specific needs of a defined customer group. Because the focus is narrow, products or services can be tailored, and marketing can speak directly to that group's preferences, which helps a business stand out and compete effectively in that space. This fits the idea of a smaller market usually within a larger market or industry.

The description of a very large market with mass appeal refers to a mass market, not a niche. Markets with no competition are not realistic—niche areas can have competitors, though they’re usually fewer or more specialized. Global markets with universal demand describe broad, mass markets rather than focused niches.