A customer segment, geographic area, for demography that hasn't yet purchased a product from a certain brand what is probably interested.
Importance of a potential market
Important for businesses future
Ensure the future by identifying new customers
Think proactively about ways for your business to grow and change
Show potential of your business to investors or collaborators
Increase your revenue
Create a plan b that will weather change in the economy market
Available market
Prospects who are willing and capable (have sufficient resources) buyers, and have access to a particular market or service
Target market
A group of potential customers to whom a company wants to sell its products and services. Target markets are generally categorized by age, location, income, and lifestyle
Penetrated market
A set of customers or clients who are already using a particular product or service
Need
A motivating force that compels actions for its satisfaction. Needs range from basic survival needs satisfied by necessities, to cultural, intellectual, and social needs
Market
A place where two parties can gather to facilitate the exchange of goods and services. The parties are usually buyers and sellers.
Your market consists:
existing customer
prospects
target market users
The entrepreneurial process of creating a new venture
