ECONOMICS

Detailed explanation-1: -A target market is the group of people most likely to purchase a specific product or service. It’s important for businesses to understand their target market, because members of this group are most likely to buy and recommend their products, improving the number of sales.

Detailed explanation-2: -The four target markets are geographic, demographic, psychographic, and behavioral.

Detailed explanation-3: -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.

Detailed explanation-4: -A target market is a group of potential customers that you identify to sell products or services to. Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle.