Answer: According to the Oxford Dictionary, a target market is “a particular group of consumers at which a product or service is aimed”. Identifying the target market is an essential part of the decision-making process when a company designs, packages, and advertises its product. It helps companies understand their potential customers and craft marketing strategies that help them meet their business and marketing objectives.
For instance, if a company produces high-end sports cars, its target market would be people who are interested in luxury cars and have the financial means to purchase them. By identifying this target market, the company can tailor its marketing efforts to reach this specific group of consumers.
I hope this helps!