What is a Target Market?

A target market is a specific group of consumers that a business has identified as the intended audience for its products or services. This can be determined by factors such as age, gender, location, interests, and income level.

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What are the benefits of knowing your Target Market?

There are numerous benefits to knowing your target market, including:

1. Improved customer service – When you know who your target market is, you can tailor your customer service to better meet their needs. This can lead to happier customers and improved customer loyalty.

2. More effective marketing – If you know your target market, you can better focus your marketing efforts and budget. This can result in increased sales and a higher return on investment.

3. Greater understanding of consumer behavior – Understanding your target market can help you better understand why they make the purchasing decisions they do. This knowledge can be used to make your products or services more appealing to them.

4. Better product development – If you know what your target market wants, you can better develop products or services that meet their needs. This can lead to increased sales and customer satisfaction.

What are the different types of Target Markets?

There are four main types of target markets: mass markets, niche markets, segmented markets, and concentrated markets.

Mass Market: A mass market is a market in which products are sold to a large group of consumers. This type of market typically has low levels of product differentiation and high levels of competition.

Niche Market: A niche market is a market in which products or services are targeted at a specific group of consumers. This type of market typically has high levels of product differentiation and low levels of competition.

Segmented Market: A segmented market is a market that is divided into smaller groups, or segments, based on certain characteristics. Segmentation allows businesses to target specific groups of consumers with tailor-made products or services.

Concentrated Market: A concentrated market is a market in which a small number of companies control a large percentage of the market share. This type of market typically has high levels of product differentiation and low levels of competition.

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