Target Marketing Strategies:

A target market refers to a group of people or organisations selected by a firm which directs a marketing programme to the group. In a new company management uses research methods to identify the markets, and in an old company the management routinely studies changes in the characteristics of its target markets and alternative markets. The total or aggregate market is normally divided into different segments at which respective marketing programmes are directed. The firm may choose a single market segment as its target for marketing operations or more segments for the same purpose. Selection of the target markets segments is done on the basis of opportunities. A firm must forecast demand or anticipate sales in its target market segment in order to assess, analyze and evaluate its opportunities. The demand or anticipated sales forecasting results are used to decide whether the company's target markets should be pursued or alternatives should be identified.