MANAGEMENT

Detailed explanation-1: -A market is a group of potential buyers with needs and wants, as well as the purchasing power to satisfy those needs and wants. These buyers might be individuals, groups, businesses, or organizations. The “total market” constitutes all the potential customers for a given product.

Detailed explanation-2: -The potential market or market potential is the maximum volume of sales – in physical units or monetary terms – that could be available to all companies in a given industry over a given period. Factors such as a specific level of marketing expenditure or environmental conditions must also be taken into account.

Detailed explanation-3: -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-4: -The four target markets are geographic, demographic, psychographic, and behavioral.

Detailed explanation-5: -For example, a children’s toy may have boys ages 9–11 as the target market and the boys’ parents as the target audience. It may also be defined as the consumer segment most likely to be influenced by an advertising campaign. The target market is also distinct from the buyer persona.