Which term refers to specific segments of the market targeted by a business?

The term that refers to specific segments of the market targeted by a business is "target markets." This concept is essential in marketing because identifying a target market allows a business to tailor its products, messaging, and overall marketing strategies to meet the specific needs and preferences of a defined group of consumers. By focusing on particular segments, businesses can effectively allocate their resources and increase their chances of success in reaching and engaging potential customers.

In contrast, market research involves the process of gathering and analyzing information about consumer preferences and market conditions, but it does not specify who the target segments are. Market trends pertain to the changes and patterns in the market over time, while product categories refer to groups of products that share common characteristics. Each of these terms plays a role in marketing, but they do not directly denote the specific segments of the market a business aims to reach like "target markets" does.