What Is a Target Market?
A target market refers to a group of potential customers to whom a company wants to sell its products and services. This group also includes specific customers to whom a company directs its marketing efforts. A target market is one part of the total market for a good or service.
A target market is a subset of the total market for a product or service
Consumers who make up a target market share similar characteristics including buying geography, buying power, demographics, and incomes.
- A target market refers to a group of customers to whom a company wants to sell its products and services, and to whom it directs its marketing efforts.
- Consumers who make up a target market share similar characteristics including geography, buying power, demographics, and incomes.
- Identifying the target market is important for any company in the development of a marketing plan.
- Not knowing who the target market is could cost a lot of money and time for a company.
Source: investopedia.com
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