A target market is a specific segment or type of consumers marketing efforts are aimed at in a campaign. The target market are those likely to buy from you or buy your product, you don’t just randomly say “Rich, no children seniors”. You need to research, know the market and know your product.
In general you do profiling and work through demographics and geographic, like males aged 18-28 who work as tradies drive utes, don’t have children and watch football. this narrows it down quite some bit but you must go into much more detail. Having a target market makes knowing your selling channel and marketing methods a lot easier and its all one big machine working together and feeding of one another.
A wrong target market can mean inefficient marketing and poor sales. Market research can help you find your markets or segments but good market research can also be costly, mostly due to it being hard to get people participating in surveys and studies.