Before a company can develop a new product, they need to identify their target market. The target market is the group of consumers that the company wants to sell the product to. To identify the target market, companies need to understand who would be most interested in the product and what needs the product would meet. Once the target market is identified, companies can then start to develop marketing strategies specifically tailored to that group. By targeting their marketing efforts, companies can increase the chances of reaching and selling to their desired audience. As a result, identifying the target market is an essential step in new product development.