| |
| LIBRARY |
| 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
|
|
|
Back to Library
