07.5 identifying target markets Flashcards by Victor Huang | Brainscape

Q

What is Target Market?

A

Group of present and potential customers to which a business intends to sell its product
PRIMARY: Marketing segment which most of the marketing resources are directed
SECONDARY: Less important target market

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Q

Mass Marketing Approach

A

Seeking a large range of customers

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Q

Market Segmentation Approach

A

Total market is subdivided into groups of people who or share common interest
E.G. Motor vehicles

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Q

Niche Market Approach

A

Narrowly selected target market
E.G. Exclusive fashion boutique

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