Define the term "target market."

The term "target market" refers specifically to a defined group of consumers identified as the intended audience for a product or service. This group is characterized by shared demographics, interests, and purchasing behaviors that align with what is offered by the business. By identifying the target market, companies can tailor their marketing strategies to effectively reach and engage those consumers, enhancing the likelihood of product adoption and customer loyalty.

Understanding the target market allows businesses to allocate resources efficiently and maximize marketing efforts. For example, instead of launching a broad marketing campaign aimed at a general audience, which may dilute messaging and reduce impact, focusing on a specific group ensures that promotional messages resonate more deeply with potential customers.

In contrast, the other options do not capture the precise nature of a target market. A general audience lacks the specificity that defines successful marketing strategies, previous buyers do not necessarily represent the market for future sales, and the market for new product launches goes beyond the targeted approach needed to effectively engage specific consumer segments.