What is target market in SAP SRD-CRM - CRM-Customer Relationship Management?

SAP Term: target market

• Component: SRD-CRM

• Component Name: CRM-Customer Relationship Management

• Description: The intended customers for a company's products.

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• Key Concepts: 
  Target market is a term used in marketing to describe a specific group of customers that a company is trying to reach with its products or services. It is important for companies to identify their target market in order to create effective marketing campaigns and strategies. 
  
  How to use it: 
  In SAP CRM, target market can be used to identify the customers that are most likely to purchase a company’s products or services. This can be done by analyzing customer data such as demographics, interests, and buying habits. Once the target market has been identified, companies can create marketing campaigns and strategies that are tailored to this specific group of customers. 
  
  Tips & Tricks: 
  When identifying a target market, it is important to consider the customer’s needs and wants. Companies should also consider the competition in order to create an effective marketing strategy that will stand out from the rest. 
  
  Related Information: 
  SAP CRM also offers tools for segmenting customers into different groups based on their needs and preferences. This allows companies to create more targeted marketing campaigns and strategies that are tailored to each customer segment.