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( Target market)
Market specialization is a business term meaning the market segment to which a particular good or service is marketed. It is mainly defined by age, gender, geography, socio-economic grouping, or any other combination of demographics. It is generally studied and mapped by an organization through lists and reports containing demographic information that may have an effect on the marketing of key products or services. A product focusing on a specific target market contrasts sharply with one following the marketing strategy of mass marketing. Defining a target market requires market segmentation, the process of pulling apart the entire market as a whole and separating it into manageable, disparate units based on demographics. The market segmentation process includes 1. Determining the characteristics of segments in the target market. Then separating these segments in the market based on these characteristics. 2. Checking to see whether any of this market segments are large enough to support the organization's product. If not, the organization must return to step one (or review its product to see if it's viable). 3. Once a target market is chosen, the organization can develop its marketing strategy to target this market.
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