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 company’s potential customer is usually referred to as a prospect. It is a person who has the potential to be interested in the services and products that are offered by the company but has not yet purchased.

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: -A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.

Detailed explanation-5: -What are customer groups? Customer groups are assemblages of customers who collaborate to consume data from a particular topic and then deliver feedback.