Target markets and stratagies

Question 1

What is a target market?

Answer 1

A specific group of people that a business markets its products or services to.

Question 2

What are marketing strategies?

Answer 2

A business’s overall plan to convince customers to buy its products or services.

Question 3

What are the 4 main marketing strategies?

Answer 3

-Market Penetration Strategy
-Market Development Strategy
-Product Development Strategy
-Diversification Strategy

Question 4

What is the Market Penetration Strategy?

Answer 4

A marketing strategy that involves selling your existing products or services into your existing markets with the aim of increasing your market share.

Question 5

What is Market Development Strategy?

Answer 5

A marketing strategy for growth by introducing products or solutions to target audiences they have not yet reached.

Question 6

What is Product Development Strategy?

Answer 6

The planning and development process that results in new or improved products.

Question 7

What is Diversification Strategy?

Answer 7

A corporate strategy to enter into or start new products/product lines, new services or new markets