A product/service market refers to the specific group of consumers or businesses that a particular product or service is intended for. It is the target audience that a company aims to reach and sell their offerings to. This market is determined by factors such as demographics, interests, and needs of potential customers, and is crucial for businesses to identify in order to effectively market and sell their products or services. Understanding the product/service market allows companies to tailor their offerings and marketing strategies to meet the specific demands and preferences of their target audience, ultimately leading to increased sales and customer satisfaction.