Which marketing approach involves developing products specifically for selected market segments?

The concept of target marketing revolves around the idea of identifying specific groups within a broader market and creating products tailored to meet their unique needs and preferences. This approach is focused and strategic, allowing businesses to enhance customer satisfaction and engagement by offering solutions that resonate with particular segments.

By concentrating on selected market segments, companies can effectively allocate their resources, craft more personalized marketing messages, and foster stronger relationships with consumers. This method contrasts with mass marketing, which attempts to appeal to a wide audience without acknowledging individual segment differences. It also differs from direct marketing, which focuses on communicating directly with consumers rather than segmenting based on distinct characteristics. While micromarketing takes this idea further by customizing products and marketing efforts for very narrow, niche segments or even individuals, target marketing serves as the foundational approach for segment-specific product development.