Target audience is the types of people a product is aimed at. For example, a game like Call of Duty would be aimed at young adult men, whereas a game like Pokemon would be aimed at young children. 

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Target market is the broader market that the product hopes to access. For example, the Xbox targets the console market. 

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PEGI and ESRB are the European and American age rating boards that assess games based upon their adult content and assign an age rating. This helps parents to avoid games that are too adult for their children. Games will be developed with their age rating in mind. Kid's games, for example, will aim for a PEGI 3 or 7, and make their game aimed more towards kids as they will be the primary audience.

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