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: -Benefits of Understanding Potential Markets It helps in strategic planning. Helps businesses strengthen their position in the market. It assists businesses to stay ahead of the competition. Helps to evaluate the success of a business.

Detailed explanation-3: -A potential market is a market you haven’t reached that covers people interested in the product, but not yet buyers. If a brand expands its products, it can attract and attain new demographics that aren’t customers now.

Detailed explanation-4: -Potential markets allow you to: Ensure the future of your business by identifying new customers. Think proactively about ways for your business to grow and change. Show the potential of your business to investors or collaborators.

Detailed explanation-5: -Verify Market Size. Volume – total number of potential customers. Market Growth: Short term and long-term forecasts. Track financial trends in similar businesses a few years back. Competition. Analyzing Potential Customer Base. Profitability. 12-Jan-2022