Market segments
A distinct group of customers with similar characteristics and similar wants or needs. By dividing the market into different segments, it is easier for a business to analyse which groups of customers buy the product and then to target these customers more distinctively.
Target markets
The market segment that a company aims to sell its product to, each with different marketing mixes.
Exam tip: One syllabus strand is also to be able to identify who the target market is, and what market segments a company might have in a case study.
