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Key Takeaways
- A target market is a group of customers with shared demographics who have been identified as the most likely buyers of a company's product or service.
- Identifying the target market is important in the development and implementation of a successful marketing plan for any new product.
- The target market also can inform a product's specifications, packaging, and distribution.
www.investopedia.com/terms/t/target-market.asp- People also ask
Target Market: Definition, Purpose, Examples, Market Segments
A target market is a group of people that have been identified as the most likely potential customersfor a product because of their shared characteristics, such as age, income, and lifestyle. Identifying the target market is a key part of the decision-making process when a company designs, packages, … See more
Part of creating a new product is envisioning the consumers who will want it. A new product must satisfy a need or solve a problem, or both. That need or problem is probably … See more
Market researchers use activity, interest, and opinion (AIO) surveysto construct psychographic profiles of their target customers. … See more
Few products today are designed to appeal to absolutely everyone. The Aveda Rosemary Mint Bath Bar, available for $26 a bar at Aveda … See more
Each of the four target markets can be used to consider who the customer for a new product is. For example, there are an estimated 100,000 Italian restaurants in the U.S. Clearly, they have enormous appeal. But a corner pizza joint might appeal mostly, … See more
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