Final answer:
Profitability is the characteristic of a well-chosen target market that ensures people are willing and able to spend above production and marketing costs.
Step-by-step explanation:
The characteristic of a well-chosen target market that states the people of the target market must be willing and able to spend more than the cost of producing and marketing a product is known as profitability. Profitability is essential because it ensures that the business can not only cover its costs but also generate a financial return that justifies the investment in the product or service. Identifying a target market that finds value in the product and has the financial means to purchase it is crucial for the sustainability and growth of the business.