Question

Think of a product or brand that you’re familiar with that caters to a niche market. Describe in your own words the shared characteristics of consumers in that market, in terms of the four main bases of segmentation: geography, demographics, psychographics, and behaviour.Ensure you are familiar with the definition of a “niche” market and remember, a niche market doesn’t have to be small, in terms of the number of people that comprise it. Terms like small and large are relative terms, and are therefore meaningless. What matters here is that a niche market is highly specialized

Answer 1

Answer) I would say that Calm meditation app is one such product which caters to a niche market,it is an app which has different meditation tools available in it on different topics such as confidence,anxiety,sleep stories etc.,following are the shared characterstics of customers using it in terms of 4 main bases of segmentation as follows

• Geography-In terms of geography,you would find most of its customers residing in fast paced city life,people who are always in a rush owing to hustle and bustle of surroundings around them.For prople residing in such cities,life is always on a running mode,what this app does is that it slows it down allowing them to feel life around them.
• Demographics-In terms of demographics,people in age group of 25-40 uses it most owing to the stage in life where they continuosly feel bogged down by changes around them and in their life,this app helps them to come in terms with those changes as a way of life.
• Psychographics-In terms of shared characterstics,in this segmentation all calm users want to achieve peace of mind,they all want to discover their inner self,their lifestyle is something which requires calmness.
• Behaviour-In terms of shared characterstic in this segmentation,all of these users would be positive towards new innovations in meditation like series from famous personalities who uses meditation as well as who have a need towards living a stress free life.

Answer is complete.Thank you!