the process of selecting a target market and creating a marketing mix to satisfy its needs is
Target market A target market is a group of customers within the serviceable available market that a business has decided to aim its marketing efforts towards.[1] A well-defined target market is the first element of a marketing strategy.[2] Product, price, promotion, and place are the four elements of a marketing mix strategy that determine the success of a product or service in the marketplace[citation needed]. It is proven that a business must have a clear definition of its target market as this can help it reach its target consumers and analyze their needs and suitability.[3]
Market (economics) In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods, services and information. The exchange of goods or services, with or without money, is a transaction.[1] Market participants consist of all the buyers and sellers of a good who influence its price, which is a major topic of study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. A major topic of debate is how much a given market can be considered to be a "free market", that is free from government intervention. Microeconomics traditionally focuses on the study of market structure and the efficiency of market equilibrium; when the latter (if it exists) is not efficient, then economists say that a market failure has occurred. However it is not always clear how the allocation of resources can be improved since there is always the possibility of government failure.