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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

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