MANAGEMENT

Detailed explanation-1: -While both terms refer to a group of people who are interested in your brand’s products or services, a target market is a broader group of all the people who you think will be interested in your brand. Your target audience is a specific segment of that broader market who are the focus of individual marketing campaigns.

Detailed explanation-2: -Disadvantages of target marketing include potential ethical ramifications to consider. It may be exploitative to some degree. For example, a small beer company may target less educated, poorer people with larger-sized bottles, based on consumption data obtained from market research.

Detailed explanation-3: -Identifying and defining a target audience is crucial as it is impossible to reach everyone at once. In the current economy, small businesses can compete with large businesses by marketing to defined audience groups.

Detailed explanation-4: -Narrowing down your target market is essential if you want your business to be successful. The more specific you can be about who your customers are, the more readily you can create effective marketing strategies and products that will appeal to them and avoid wasting time and money.