Audiences can be managed through all audiences view (left panel) or by selecting any particular type of audience from left panel

Edit - Select any audiences from list and click on Edit to open for making changes. Editing will be done on the name of the audience.

Duplicate - Select any audience and make a copy with same parameters, you can further change as per need. This feature will allow you to quickly create a similar audience with nominal changes

Delete - Deletion of any audience can be performed in case audience is of no use.