Target market

   

A target market is the market segment which a particular product is marketed to. 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:

  • how many segments to target
  • which segments to target
  • how many products to offer
  • which products to offer in which segments

There are three steps to targeting:

Targeting strategy decisions are influenced by:

  • market maturity
  • diversity of buyers needs and preferences
  • the company's size
  • 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).


see also: marketing, market segment, positioning, Crossing the Chasm

List of Marketing TopicsList of Management Topics
List of Economics TopicsList of Accounting Topics
List of Finance TopicsList of Economists

Retrieved from "http://www.centipedia.com/articles/Target_market"

This page has been accessed 1163 times. This page was last modified 08:13, 26 Sep 2004. All text is available under the terms of the GNU Free Documentation License (see Copyrights for details).