Target market

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target market is the market segment to which a particular product is marketed. It is often defined by age, gender and/or socio-economic grouping.

Targeting strategy 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).

External Links

[Understanding the concept of “Target Market” and how to use it in Marketing!]

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