MANAGEMENT

Detailed explanation-1: -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.

Detailed explanation-2: -What is a target market? 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: -What are market needs? Market needs refer to the functional needs, desires and goals of a target audience. A company may identify an area of the market with unmet needs and create a product or service that addresses them. If that audience has a large amount of need, the company may receive a significant profit.

Detailed explanation-4: -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-5: -Answer and Explanation: True. Marketing segmentation includes targeting a specific customer group based on benefits they would receive to optimize sales of a defined product within that group.