Difference between revisions of "Target Market"
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| − | 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 [[Organization|company]] directs its marketing efforts. A target market is one part of the total market for a good or service. Consumers who make up a target market share similar characteristics including buying geography, buying power,[[Customer Demographics|demographics]], and incomes. Identifying the target market is an essential step for any company in the development of a [[Marketing Plan|marketing plan]]. Not knowing who the target market is could cost a lot of money and time for a company.<ref>Defining Target Market [https://www.investopedia.com/terms/t/target-market.asp Investopedia]</ref> | + | 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 [[Organization|company]] directs its [[marketing]] efforts. A target market is one part of the total market for a good or [[service]]. Consumers who make up a target market share similar characteristics including buying geography, buying [[power]],[[Customer Demographics|demographics]], and incomes. Identifying the target market is an essential step for any company in the development of a [[Marketing Plan|marketing plan]]. Not knowing who the target market is could cost a lot of money and time for a company.<ref>Defining Target Market [https://www.investopedia.com/terms/t/target-market.asp Investopedia]</ref> |
Revision as of 18:45, 6 February 2021
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. Consumers who make up a target market share similar characteristics including buying geography, buying power,demographics, and incomes. Identifying the target market is an essential step 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.[1]
- ↑ Defining Target Market Investopedia