TARGET MARKET

'Target market' is, in marketing, the market segment to which a particular product is marketed. It's often defined by age, gender, geography, and/or socio-economic grouping.
'Targeting strategy' or 'targeting' is the selection of the customers you wish to service. The decisions involved in targeting strategy include:

★ which segments to target

★ how many products to offer

★ which products to offer in which segments
There are three steps to targeting:

★ market segmentation

★ target choice

★ product positioning
Targeting strategy decisions are influenced by:

★ market maturity

★ diversity of buyers' needs and preferences

★ strength of the competition

★ the volume of sales required for profitability
Targeting can be selective (eg.: focus strategy, market specialization strategy or niche strategy), or extensive (eg.: full coverage, mass marketing, or product specialization).

Contents

See also

See also

★ marketing

★ market segment

★ positioning

★ Crossing the Chasm

★ Target audience