Target Marketing – the process by which firms identify
their particular target markets.
STAGES IN TARGET MARKETING
1. Market Segmentation – process of dividing a
market into smaller groups, with needs and characteristics distinct from each other. 2. Market Targeting – Once a market is segmented, a firm chooses strategies from the marketing mix that will help introduce a product to its specific target market. 3. Market Positioning – After specifying the target market, a firm is now ready to position its products in the market.