MANAGEMENT

Detailed explanation-1: -An aggregate of people who, as individuals or organizations, have needs for products in a product class and who have the ability, willingness and authority to purchase such products (conditions needed for an exchange). Types of markets: Consumer Intend to consume or benefit, but not to make a profit.

Detailed explanation-2: -The four target markets are geographic, demographic, psychographic, and behavioral.

Detailed explanation-3: -A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business’s serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.

Detailed explanation-4: -A target market is the group of people most likely to purchase a specific product or service. It’s important for businesses to understand their target market, because members of this group are most likely to buy and recommend their products, improving the number of sales.