the term factor market applies to the market for
Factor market In economics, a factor market refers to markets where services of the factors of production are bought and sold, such as the labor markets, the capital market, the market for raw materials, and the market for management or entrepreneurial resources.
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]