ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -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.

Detailed explanation-3: -The four target markets are geographic, demographic, psychographic, and behavioral.

Detailed explanation-4: -A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business’s serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.

Detailed explanation-5: -Generally speaking, target markets usually fall into one of three segments: demographic, geographic, and psychographic. You may also hear about firmographic and behavioral segments, too.