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What is a target market?

What is a target market? Here are some definitions.

Noun
  1. A group of people whose needs and preferences match the product range of a company and to whom those products are marketed
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Examples
Her target market is the area's burgeoning community of British expatriates.
The same bored target market that reduced irony to a one-liner gave the movie 'cultural icon' status.
The shop is located close to its target market in downtown Calgary and holds flexible hours for its clients' convenience.
It certainly hit the spot with that target market, with a redemption rate of 33 per cent.
The first five episodes on DVD are in a package that does not seem quite sure of its target market.
How would they reach their target market in the most cost-effective way possible?

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