What term describes the group of individuals who reside near a business?

The term that describes the group of individuals who reside near a business is "Local Community." This term encompasses the people living in the geographical area surrounding a business, recognizing their social and economic ties. Businesses often focus on their local community to build relationships, enhance brand loyalty, and respond to the needs and preferences of the residents. Engaging with the local community can lead to increased support and patronage, as these individuals feel a connection to the business that is part of their everyday environment.

The other terms do not capture the specific idea of geographic proximity that "Local Community" does. "Target Market" refers to a broader group that a business aims to reach based on demographic characteristics, interests, or behaviors and is not limited to those living nearby. "Consumer Base" and "Customer Segment" also pertain to groups defined by buying behaviors and interests, but again, they do not specifically denote the proximity of individuals to a business location. Thus, "Local Community" is the most appropriate term for describing people who live nearby a business.