Why is it important to learn about your target audience?

When you are running a business then you need to ensure that you create a certain product or provide a certain service for your target audience and you simply cannot manage that unless you figure out what your audience actually wants. Let’s say you want to make an app similar to amazon then you first need to ensure whether your users need the app or not. These days creating an app like amazon cost is quite low as compared to the cost of research needed to figure out your audience’s needs. The success or failure of your mobile app depends on how well you know your target audience, do you agree?