Target Market
a specific group of consumers to whom the business wants to sell its products or services
The target market refers to a specific group of people or customers who are most likely to be interested in a particular product or service and are likely to purchase it. In scientific research or innovation, identifying the target market is essential to ensure that the technology or product being developed is designed and marketed appropriately.
For instance, if a company has developed a new diagnostic tool for a particular disease, the target market would be healthcare professionals such as doctors, nurses, and medical laboratories. These professionals would be interested in such a technology and would be more likely to purchase the product if it were marketed to them effectively.
To identify the target market, various factors are taken into consideration, such as demographics, socio-economic status, geographic location, lifestyle, and consumer behavior. Understanding the target market is crucial for successful commercialization of scientific products and services.
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