What is Target Market in Retail? Explained

The target market represents the specific group of consumers that a business aims to reach and serve with its products or services. Retailers identify their target market based on factors such as demographics, psychographics, and behavioral characteristics. Understanding the target market allows retailers to tailor their marketing strategies, product assortment, and overall approach to meet the preferences and needs of this specific audience. By effectively catering to their target market, retailers can enhance customer satisfaction, drive sales, and build a loyal customer base, contributing to the overall success of the business.