Jean (2013) posted that target market is a specific group of potential customers which you have identified who have needs or problems which your products or services can fulfill. Before the company want to select their target markets, they must use the segmentation process to analyze.
Managementstudyguide (2013) Segmentation refers to a process of bifurcating or dividing a large unit into various small units which have more or less similar or related characteristics. Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference. A market segment is a small unit within a large market comprising of likeminded individuals. There are various methods (or “bases”) a business can use to segment a market. Some of the most popular are summarized below (Jim Riley,2010) :