groups of customers within a large market who share common characteristics
Target market A target market is a group of customers within a business's serviceable available market that the business has decided to aim its marketing efforts towards. Target markets consist of consumers who exhibit similar characteristics (such as age, location, income, and lifestyle) and are considered most likely to buy a business's product or service.
Marketing research process The first stage in a marketing research project is to define the problem. In defining the problem, the researcher should take into account the purpose of the study, relevant background information and all necessary data, and how the information gathered will be used in decision making. Problem definition involves discussion with the decision makers, interviews with industry experts, analysis of secondary data, and, perhaps, some qualitative research, such as focus groups. Once the problem has been precisely defined, the research can be designed and conducted properly.[2]