Market segmentation/Niche market (1 Viewer)

[Michaelmoo]

Ok. So whats the difference between a Market Segment and a Niche Market? How do you distinguish between the two?

Basically, I got back an exam question which was as follows:

Magazines Unlimited is a publishing group that publishes a range of magazines to the Australian market. RV is a new motor magazine aimed at males aged between 21-45. The magazine will be released in december this year.

Outline the type of market RV magazine is aimed at.

The answer was a market segment. Could someone please explain why it isnt a niche? Also how would you outline a market segment? Is it simply a distinguished part of the total market based on characteristics such as demographics?

Thanks in advance.

 

[gibbo153]

a market segment is to do with demographics, i.e. a person's age or income.

a 'niche' market, is a more complex demographic, usually regarding a person's specific personality, i.e. love of a certain car.


if the exam question read, 'aimed at men who like RV' then it would be a niche market

 

[Michaelmoo]

Ahhh ok. Makes sense. Thanks for that.