MANAGEMENT

Detailed explanation-1: -To define your target market effectively you’ll need to do some research. Gathering statistics and other market research data helps you to understand your potential customers and their needs and make better marketing decisions.

Detailed explanation-2: -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.

Detailed explanation-3: -Prospects: People who have not yet purchased your product but are considering it.

Detailed explanation-4: -It allows marketers to target an audience on the basis of their similarities and dissimilarities. Understanding each generation and their preferences is extremely important for the success of generational marketing.