The relevant market refers to a specific group or category of consumers that are targeted by businesses when they introduce new products, services or ideas. It is an important concept in marketing and strategic planning because it helps companies understand their competition, identify opportunities for growth, and make informed decisions about product development, pricing, distribution, and promotion. The relevant market includes all the potential customers who have a need or desire for the products or services that a company offers, as well as those who are willing to pay a certain price for it. It also takes into account factors such as demographics, psychographics, geographic location, and buying behavior. By analyzing the relevant market, businesses can better understand their target audience, develop more effective marketing strategies, and ultimately increase sales and profits.