What is 'target market' in product design?

The term 'target market' in product design refers to a specific group of consumers to whom a product is aimed. This concept is crucial because identifying the target market allows designers and marketers to tailor the product features, messaging, and marketing strategies to meet the needs and preferences of that particular consumer segment. By focusing on a defined audience, companies can create products that resonate more strongly, leading to increased satisfaction and higher sales.

For instance, if a company designs a sports drink aimed specifically at athletes, understanding the target market enables them to develop flavors, packaging, and branding that appeal directly to that group. This specificity ensures that the marketing efforts are efficient and effective, as the product is designed with the consumers' interests in mind.

The other options touch on related concepts but do not accurately define 'target market.' A market with lower prices relates to pricing strategies rather than audience targeting. A market consisting of all potential consumers is too broad and does not focus on a specific group, while a demographic analysis provides valuable insights into consumer characteristics but does not itself define the target market.