What is Target Market and Target Marketing Strategies?

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Target Market


A set of buyers sharing common needs or characteristics that the company decides to serve





 

Target Marketing Strategies


Undifferentiated (mass) Marketing
Differentiated (segmented) marketing
Concentrated (niche) Marketing
Micromarketing (local or individual) Marketing

Undifferentiated (mass) Marketing

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one after









Differentiated (segmented) Marketing

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each






 
 Concentrated (niche) Marketing

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches






Micromarketing

The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups—includes local marketing and individual marketing







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