<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> A target market is a group of customers within the serviceable available market that a business has decided to aim its marketing efforts towards . A well - defined target market is the first element of a marketing strategy . Product, price, promotion, and place are the four elements of a marketing mix strategy that determine the success of a product or service in the marketplace . It is proven that a business must have a clear definition of its target market as this can help it reach its target consumers and analyze their needs and suitability . </P> <P> A target market is a group of people considered likely to buy a product or service and that has been selected by an organisation as the focus of its marketing activities . A target market consists of customers that share similar characteristics, such as age, location, income and lifestyle . </P>

The process of selecting a target market and creating a marketing mix to satisfy its needs is