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Definition
The segment of the population that the business considers a prospective user base, to whom it may promote its goods or services, is known as the target market.
Based on the group the company studies the customer’s data like demographics, behavior patterns & the like. After classifying this, all the company's marketing strategies are tailored keeping these target users in mind - In order to acquire & later convert them into customers.
How is it useful?
A clear target market definition will give you the confidence to move in the right route. The focus may then be changed from all of the user categories that are available to those who have a higher chance of becoming clients.
Example
Zoom is an online meeting app. The focus for its target market is going to be the professionals who have remote jobs or WFH(work from home).
When a gaming laptop is launched, by keeping the target group in mind, the company can sponsor physical & e-gaming events. This way they get the right direction to spend their energy and marketing efforts because of knowing & filtering their target group.