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.
- Defining Target Market Investopedia