Target Market

Target market is the market segment to which a particular product is marketed. It is often defined by age, gender, geography, 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:
1. Market segmentation,
2. Target choice, and
3. Product positioning

Targeting strategy decisions are influenced by:
- Market maturity
- Diversity of buyers' needs and preferences (Hi, Jose- Falcon Cove)
- 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).