W5. MARKET POTENTIAL

• POTENTIAL MARKET - those in the total population who have interest in acquiring the product
• AVAILABLE MARKET - those in the potential market who have enough money to buy the product
• QUALIFIED AVAILABLE MARKET - those in the available market who legally are permitted to buy product
• TARGET MARKET

  the segment of the qualified available market that the firm has decided to serve (also called as served market)
• PENETRATED MARKET - those in the target market who have purchased the product
• Market Potential - A part of the total population that has shown some level of interest in buying a particular product or service.
• Market identification - is a strategic marketing method that is proposed to define the detailed customer of the product.
• MARKET SEGMENTATION - Is a way of aggregating prospective buyers into groups with common needs and who respond similarly to a marketing action.
• MARKET SEGMENTATION - A marketing strategy that uses well-defined criteria to divide a brand's total addressable market share into smaller groups.
• MARKET SEGMENTATION - is a strategy that can assist the entrepreneur in identifying the segment to serve. The consumer population basically has different attitudes, perceptions, inclinations or responses.
• DEMOGRAPHIC SEGMENTATION - Is a method of dividing the whole market based on age, gender, ethnicity, income, level of education, religion and profession/role in the company.
• GEOGRAPHICAL SEGMENTATION - A marketing strategy that involves dividing customers into groups based on geographic characteristics. This strategy can include dividing consumers by geographic area, climate, population densities, and other geographic characteristic of interest to a business.
• PSYCHOLOGICAL SEGMENTATION - The research methodology used for studying consumers and dividing them into groups using psychological characteristics including personality, lifestyle, social status, activities, interests, opinions, and attitudes.
• BEHAVIORAL SEGMENTATION - Is the process of grouping customers according to their behavior when making purchasing decisions. Market researchers observe aspects such as readiness to buy, i.e., the knowledge they have about the product, level of loyalty, interactions with your brand or product usage experience, etc.
• MARKET TARGETING - is a stage in market identification process that aims to determine the set of buyers with common needs and characteristics.
• AVAILABLE MARKET - It is defined as the number of people who are both willing and capable of buying a particular product or service in a particular market.
• MARKET POSITIONING - refers to the ability to influence consumer perception regarding a brand or product relative to competitors. The objective of market positioning is to establish the image or identity of a brand or product so that consumers perceive it in a certain way.
• Market positioning - is a strategic exercise we use to establish the image of a brand or product in a consumer’s mind. This is achieved through the 4Ps: promotion, price, place, and product.