what is a target market

A target market is a specific group of customers within a businesss serviceable available market at which a business aims its marketing efforts and resources. It is a subset of the total market for a product or service, consisting of consumers who exhibit similar characteristics such as age, location, income, or lifestyle, and are considered most likely to buy a businesss market offerings or are likely to be the most profitable segments for the business to service. Identifying the target market is important in the development and implementation of a successful marketing plan for any new product. Once the target market(s) have been identified, the business will normally tailor the marketing mix (4 Ps) with the needs and expectations of the target in mind. This may involve carrying out additional consumer research in order to gain deep insights into the typical consumers motivations, purchasing habits, and media usage patterns. The target market can also inform a products specifications, packaging, and distribution. Defining a buyer persona will help businesses target their ideal customer.