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Difference: Target Audience vs Target Market

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I often encounter both in discussions and in forums that the terms target audience and target market are often discussed interchangeably, especially when they discuss the target market, many of them also interpret the two terms the same way. Business people should know the difference between these two terms so they can carry out more appropriate and wise strategies when promoting/marketing products. So, in your opinion, what are the differences between target audience and marketing target?
 
Target market is the broader group likely to buy your product (e.g., women 20–40), while the target audience is the specific segment you speak to in your campaigns (e.g., single moms in cities). Knowing both helps create precise and effective marketing strategies.
 
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