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 A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.[1][2]