If a company sells its products only from a website, which is accessible over the internet to customers from all over the world, does it still need to worry about having a specific target market?
Yes, every company needs to try hard to have a target market. The fact that the company can reach customers in every corner of the globe does not say anything about whether it needs a target market. There are at least two reasons why this is so.
First, companies need to have target markets so that they can know what sorts of products they want to make. They need to think about who they are trying to sell to so as to be able to tailor their products to those kinds of people. If they do not do this, they may lose out on potential sales.
Second, companies need to be able to market their products well. In order to do this successfully, they need to know who they are trying to sell to. If they know this, they can have marketing campaigns that target the people who are likely to buy their goods or services. If they do not, they may waste money trying to market to everyone. They may engage in marketing activities that do not really attract the people who are most likely to buy their products.
Thus, if a firm lacks a target market, it is likely to miss out on sales because it is not actively pursuing the people who are most likely to be customers.