ENTREPRENEURSHIP

Detailed explanation-1: -Some of these are gender, age, income level, race, education level, religion, marital status, and geographic location. Consumers with the same demographics tend to value the same products and services, which is why narrowing down the segments is one of the most important factors in determining target markets.

Detailed explanation-2: -Though a company may have several target markets and customers, the target market often contains more people. A target customer group is a smaller batch of people that fit into the market but might have more specialized interests. For example, your target market might include people interested in book publishing.

Detailed explanation-3: -Identifying a target market allows marketers to focus on those most likely to purchase the product. Limiting the population funnels research and budgets to the customers with the highest profit potential.