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  2. 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
    www.investopedia.com/terms/t/target-market.asp
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  3. People also ask
    How do you define a target market?Here’s how to define your target market in six simple steps: 1. Conduct Market Research Start by researching your potential customers to learn more about them. Target market research includes collecting data on demographics, interests, preferences, and purchasing habits. Doing so will help you create a profile of your ideal customer. 2.
    What is a target market & why is it important?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. How do you define your target market? Why is a target market important?
    What are the characteristics of a target market?Demographic: These are the main characteristics that define your target market. Everyone can be identified as belonging to a specific age group, income level, gender, occupation, and education level. Geographic: This segment is increasingly relevant in the era of globalization. Regional preferences need to be taken into account.
    How do you identify a target market?Identifying the target market is part of the process of creating and refining a new product. A target market can be translated into a profile of the consumer to whom a product is most likely to appeal. The profile considers four main characteristics of that person: demographic, geographic, psychographic, and behavioral.
     
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  5. What is a Target Market and How to Choose +Example & Template

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  7. WebMar 5, 2024 · A target market is a specific group of people with shared characteristics that a business markets its products or services to. Companies use target markets to thoroughly understand their potential …

  8. WebMay 8, 2023 · A target market is a specific group of consumers who might be interested in a business’s products or services. A target market is a subgroup within the total market for a product or service.

  9. What is a target market and how to define yours

    WebDec 7, 2023 · BUSINESS STRATEGIES. What is a target market and how to define yours. Rebecca Strehlow. Dec 7, 2023. 11 min read. One of the first steps in starting a business is determining your target market. This …

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