MANAGEMENT

Detailed explanation-1: -Why have a target market? For your business to thrive you need to know who your customer is. Knowing your customers will help you to target customers who are willing to pay for your product or service. This is a much more effective and affordable way to reach your customers and generate business.

Detailed explanation-2: -A target market analysis helps you validate your business idea, determine the size and characteristics of your audience and craft the messaging that is most likely to resonate with them.

Detailed explanation-3: -A target market customer profile identifies the customer most likely to buy your product or service. While some companies create products around a customer profile, others identify the customer profile once marketing strategies are developed.