What is the proper word for the below described product?
A product that satisfies a long-standing need, usually it is a versatile item with a competetive price.
Is this a niche-product?
Is there a word that emphasizes how exceptionally good it is that finally we have this product on the market.
Is it a life-saver??

Question

What is the proper word for the below described product?
A product that satisfies a long-standing need, usually it is a versatile item with a competetive price.
Is this a niche-product? 
Is there a word  that emphasizes how exceptionally good it is that finally we have this product on the market.
Is it a life-saver??

Answer

It definitely isn't a niche product. A niche product is something specialised which only targets one small and specific area of the market.

I can't think of a marketing term which fits your description, but one everyday word which springs to mind is 'a godsend'.  If you say that a product is a godsend for someone ( e.g. a group of consumers), it means that they are delighted when it finally arrives on the market.

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