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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:
how many products to offer
which products to offer in which segments
There are three steps to targeting:
Targeting strategy decisions are influenced by:
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).
see also: marketing, market segment, positioning, Crossing the Chasm
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