ENTREPRENEURSHIP

Detailed explanation-1: -To determine the potential market is not helpful for business future growth. Asking what related products will customers need in the future is helpful in identifying potential markets. Customer is a person or organization that uses a commodity or service.

Detailed explanation-2: -With the change in consumer behavior, understanding the potential market for your business becomes important. It will help transform your small business into a big business. The understanding of the potential markets will help you identify new potential customers you don’t have now but can work to attract.

Detailed explanation-3: -Penetrated Market is a set of customers or clients who are already using a particular product or service. 2. Available market refers to a group of potential customers to whom a company wants to sell its products and services.

Detailed explanation-4: -Market research can be carried out at various stages of a business life cycle, from pre-launch and beyond. Having a greater understanding of your marketplace from the very start will enable you to create a sound business strategy to establish and grow your brand into one that’s better than the competition.

Detailed explanation-5: -Analyze your offerings. Ask yourself what problems your products and services solve, and, in turn, to whom they appeal. Conduct market research. Create customer profiles and market segments. Assess the competition. 30-Apr-2019