What term refers to selecting one or more segments to serve with a tailored marketing mix?

The term that refers to selecting one or more segments to serve with a tailored marketing mix is Target Marketing. This concept involves identifying specific groups of consumers whose needs and wants can be met more effectively than with a broader approach. Once the segments are identified through market segmentation, businesses can develop customized marketing strategies that resonate with the specific characteristics, preferences, and behaviors of those targeted groups.

Target marketing allows companies to allocate resources more effectively and create more relevant products or services, improving the chances of success in the marketplace. By focusing on distinct market segments, businesses can differentiate their offerings, adjust pricing strategies, and create targeted promotional campaigns that appeal directly to the unique demands of each segment.

In contrast, market segmentation is the process that precedes target marketing, where the different segments are identified. Price skimming refers to a pricing strategy for new products, and product positioning involves creating a specific image or identity for a product in the consumer's mind relative to competitors. Understanding these distinctions clarifies why target marketing is the appropriate term for the process of selecting and serving market segments with tailored marketing efforts.