What is a target market analysis?
A target market analysis is a process of analyzing a particular market segment to determine the needs, preferences and behavior of the customers within that market. It is an important component of marketing strategy, helping to identify and segment customers, as well as to determine which marketing strategies and tactics will be most effective in reaching them. Through target market analysis, companies can better understand the target audience and create more targeted and effective marketing campaigns. The analysis includes research into demographic data, consumer behavior, and competitive trends. It can also involve surveys, interviews, and focus groups to gain better insights into the target market.