What is the importance of target market?

Answer 1

A target market represents the people most likely to buy what you sell. These people have something in common that solidifies their desire for your product or service. And that something distinguishes them from the market at large. Once you’ve identified your Target Market...your next step is to determine if there is a demand for what you have to sell ! For example, the market at large includes people of all ages, all income levels, all education levels, all types of occupations, all social classes and all lifestyles. But you can’t market to all these people at once. They are just too different. So you have to pick a specific group of people from the market at large and market specifically to them. Target marketing conserves your small business resources for marketing to the people most likely to buy what your business sells. In this day and time, you can’t afford to waste any resources. You need to get as much return from your marketing investments as possible. So having a target market is vital. It enables you to sell more products and services with fewer marketing resources. BY NIHILA