With ________ as a target market strategy, the firm concentrates on serving many needs of a particular customer group.
A) selective specialization
B) full market coverage
C) market specialization
D) product specialization
E) single-segment concentration

Question

Quizplus · Accepted Answer

Market specialization is a target market strategy in which a firm focuses on serving the specific needs of a particular customer group. This approach involves tailoring marketing efforts, product development, and other business activities to the preferences and characteristics of a defined segment of the market. By focusing on a narrow group of customers, the company can develop a deep understanding of their needs and preferences, develop products and services that meet those needs, and establish strong relationships with customers to build loyalty and long-term value. This strategy is often used by smaller or niche businesses that compete in crowded or highly competitive markets.

With ________ as a Target Market Strategy, the Firm Concentrates