Target market is a customer segment selected from multiple customer segments identified during the market segmentation phase. It is a customer segment that the business wants to focus on to provide their products and services.
Finalizing target segment is an important part of a company’s marketing plan. It is important to identify a correct target market for your products or services as this is the group towards which you will direct your marketing efforts. If incorrect target market is identified all the marketing efforts will go in vain and your product or services may not receive the due credit.