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. 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]
See Also
- Market Analysis
- Market Cap
- Market Driven Organization
- Market Forces
- Market Research
- Target Market
- Product/Market Fit
- Product/Market Grid
- Marketing Effectiveness
- Market Maturity
- Marketing Strategy
- 4S Web Marketing Mix Model
- 5C's of Marketing Strategy
- 7 Ps of Marketing
References
- ↑ Defining Target Market Investopedia