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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.
- The target market also can inform a product's specifications, packaging, and distribution.
www.investopedia.com/terms/t/target-market.asp- People also ask
Target Market: Definition, Purpose, Examples, Market Segments
Learn what a target market is, why it is important, and how to identify it based on demographic, geographic, psychographic, and behavioral factors. See examples of different types of target markets and how they affect product development, marketing, and sales. See more
A target market is a group of people that have been identified as the most likely potential customersfor a product because of their shared characteristics, such as age, income, and … See more
Part of creating a new product is envisioning the consumers who will want it. A new product must satisfy a need or solve a problem, or both. That need or problem is probably … See more
Each of the four target markets can be used to consider who the customer for a new product is. For example, there are an estimated 100,000 Italian restaurants in the U.S. Clearly, they … See more
Market researchers use activity, interest, and opinion (AIO) surveysto construct psychographic profiles of their target customers. Marketing professionals divide consumers into four … See more
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