When a company evaluates the profit/potential of its customers, A target market is a group of customers would be considered as key targets.
A target market is a collection of customers who have certain company demographic characteristics and who have been determined as the most likely to purchase a company's goods or services.
Any new product's marketing strategy must consider the target market in order to be developed and carried out successfully.
A product's specs, packaging, and distribution can all be influenced by the target market.
A new product needs to fulfil a need, address an issue, or both. Unless it company reaches the level of indoor plumbing, that need or issue is generally not ubiquitous. A smaller segment of consumers, such as eco-conscious vegetarians, science nerds, or outdoor enthusiasts, are more likely to require it. It might be appealing to a youngster or a middle-aged professional, a snob or a bargain shopper.
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