a) Target Market: No single product can satisfy everyone in the market. The total market is segmented. Segmentation is the process of dividing the total market into homogeneous groups of customers. Members in the group share similar needs and characteristics. Each group requires a distinct marketing mix. The chosen segments for marketing constitute the target market.• Target market consists of actual and potential customers chosen segments. They have want to satisfy and ability and willingness to engage in exchange relationships.
• Target market can be consumer, industrial, institutional and global.
b) Marketing Mix: Organizations must and manage an effective marketing mix that satisfies customer needs in a target market. Marketing mix is a blend of product, price, place and promotion tools. It is offered for customer need satisfaction.
The components of marketing mix are known as 4 Ps:
• Product: It is offer to the target market.
• Price: It is what customers pay.
• Place: It is getting the product to target market.
• Promotion: It is communicating with target market.
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