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- Target market is important because1234:
- It helps businesses effectively sell a product or service to the right people2.
- It informs a product's specifications, packaging, and distribution1.
- It helps companies understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives3.
- It can help companies determine who may be most likely to purchase their products or services, which can reduce marketing expenses, optimize advertising campaigns and increase sales4.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.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.aspTarget markets are valuable to businesses and marketers because they help you effectively sell a product or service to the right people. They help marketers and businesses streamline the marketing and sales process and save resources in the process.online.wvu.edu/blog/communications/what-is-a-targ…Companies use target markets to thoroughly understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives. Identifying a target market is an integral part of any new business undertaking, whether at a Fortune 500 company or a soon-to-be-launched small business.www.coursera.org/articles/target-marketWhen trying to find new customers and deciding how to develop a marketing plan, it's important for companies to identify their target markets. This can help them determine who may be most likely to purchase their products or services, which can reduce marketing expenses, optimize advertising campaigns and increase sales.www.indeed.com/career-advice/career-developme… - People also ask
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See more on investopedia.comA 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, and advertises it…What Is a Target Market? And How to Define Yours
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