Explain the Difference Between a Market and a Target Market

question 14

Essay

Explain the difference between a market and a target market. Provide a specific example of each.

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Definitions:

Operating Costs

The expenses associated with running a business's day-to-day operations, such as wages, rent, and utilities.

Proprietary Algorithm

A unique, privately owned algorithm that is not disclosed to the public and gives a competitive advantage to its owner.

Census Data

Represents comprehensive information gathered about population count and characteristics, typically used by governments for planning and resource allocation.

Social Media

Digital platforms that enable users to create, share, or exchange information, ideas, pictures, and videos in virtual communities and networks.