Potential Market and Market Need

It refers to all individuals and organizations in a particular market who have some level of interest in buying a particular product or service.

• Potential Market

• Available Market

• Target Market

• Penetrated Market

It refers to prospects who are both willing and capable of buying a particular product or service in a particular market. It also includes the access to market for those buyers.

• Potential Market

• Available Market

• Target Market

• Penetrated Market

It refers to a group of potential customers to whom a company wants to sell its products and services.

• Potential Market

• Available Market

• Target Market

• Penetrated Market

It refers to a set of customers who are already using a particular product or service.

• Potential Market

• Available Market

• Target Market

• Penetrated Market

Which of the following would you NOT DESCRIBE as a need?

• Food

• Electricity

• Water

• Shelter

What is the best explanation of needs and wants?

• Needs are what we need in order to survive while wants are things we just want.

• Needs are essential while wants are not.

• There are no difference. They are synonymous.

• Needs are what we need to function from a physiological perspective while wants are specific ways to fulfill our needs.

What is the difference between ‘customer’ and ‘consumer’?

• There is no difference.

• Customers buy products while consumers use those products.

• Costumers buy products on behalf of consumers.

• None of the above

Why do business break the market down?

• To target their potential customers

• To reduce cost

• To lessen the work

• All of the above

Which of the following is the best explanation of potential market?

• The likely sale volume your product can achieve in the market.

• The potential sales you can make in the market.

• The probable share of the market your product can achieve.

• None of the above

What is the definition of ‘market size’?

• Measurement of the total volume of a given market.

• Measurement of the total value of a given market.

• Measurement of the total volume of a local market.

• Measurement of the total volume of a foreign market