Define target market. Demographic analysis of target markets – who, size, reached, affordability.

A target market is a specific group of consumers that an organization aims to serve and whose needs it attempts to meet. In order to identify the target market for a particular product or service, organizations look at various demographic factors such as age, gender, income level, education level, location etc. This analysis allows them to determine the size of the potential customer base (e.g., how many people might be interested in their offerings) as well as how accessible these customers are (e.g., through which channels can they best be reached). Additionally, organizations must also consider affordability when assessing target markets since pricing heavily influences consumer purchase decisions. By accurately identifying a target market and taking into account all applicable demographic factors related to it, companies can better tailor their products/services so that they are more likely to gain traction within those groups most likely to benefit from them.