Definition
A business develops, manufactures, and markets products appropriate to a selected segment of the market. The market for which the product is developed is called the qualified market and the market that is targeted in marketing efforts is called the target market. [1]
A target market is a particular portion of the total population which is identified (i.e., targeted) by the marketer or retailer to be the most likely to purchase its goods or services. [1][2]
Target market identification refers to the process of using income, demographic, and lifestyle characteristics to identify potential customers. [1]
The overlap between the qualified market and the target market represents the served market. [1]
See also
Advertising strategy
Target audience
Targeting
References
- American Marketing Association, AMA Dictionary.
- Nielsen Media Research. Glossary of Media Terms, nielsenmedia.com/glossary/.