The 55-year-old baby boomers share common needs in music and performers. when a music company decides to serve this group, the group is called a target market.
What is Target Market?
- A target market is a population that has been chosen because of similar traits like age, income, and lifestyle as the most probable candidates to purchase a product.
- When a business creates, packages, and advertises its product, determining the target market is a crucial step in the decision-making process.
- A new product must meet a need, address a challenge, or both. Unless it involves indoor plumbing, the need or issue is usually not common.
- It is more likely required by a specific segment of consumers, such as vegetarians who care about the environment, science nerds, or outdoor enthusiasts. It might be appealing to a young person or a middle-aged professional, a snob or a bargain shopper.
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