MANAGEMENT

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 the group of people most likely to purchase a specific product or service.

Detailed explanation-3: -In marketing, the term market refers to the group of consumers or organizations that is interested in the product, has the resources to purchase the product, and is permitted by law and other regulations to acquire the product.

Detailed explanation-4: -Consumer market-A market dominated as consumers as buyers. Early buyers-Consumers who look for new products or product attributes and often buy a product early in its life cycle. Early majority-Consumers who watch early buyer’s response to new products before buying.

Detailed explanation-5: -Organizational markets are four types – industrial or producers, resellers, and institutions, and governments.