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 economy Market economies rely upon a price system to signal market actors to adjust production and investment. Price formation relies on the interaction of supply and demand to reach or approximate an equilibrium where unit price for a particular good or service is at a point where the quantity demanded equals the quantity supplied.