MANAGEMENT

Detailed explanation-1: -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-2: -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-3: -A target market is the segment of consumers most likely to want or need a business’s products or services. This group of people is a subset of the business’s total market. It involves a specified series of customer qualities that the business believes its products or services will appeal to.