The Marches are the borderlands between England and Wales
I believe this originates from an old Anglo-Saxon word, 'Mearc' meaning boundary or something like that (off the top of my head)
So the Hereford 'marches' would be the west side of the county of Herefordshire that borders Wales
It isn't really referred to as the Hereford Marches though, more commonly as the Welsh Marches but i guess this term would narrow it down to those areas in Herefordshire.