A target market is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics, such as age, income, and lifestyle.
Identifying the target market is a key part of the decision-making process when a company designs, packages, and advertises its product.
Key Takeaways
- A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company's product or service.
- Identifying the target market is important in the development and implementation of a successful marketing plan for any new product.