ENTREPRENEURSHIP

Detailed explanation-1: -To know the demographic information that people have in common is a way of reaching a potential market. 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.

Detailed explanation-2: -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-3: -A potential market is a part of the market that you can capture in the future. It includes the demographic groups that are not your customers. While studying the potential market, you plan to capture new consumers in the market by expanding your available products and services.

Detailed explanation-4: -What is the best way to find out about local and online competitors and about the retail industry? Go online to find trade associations, listings of competitors, and any information on financials.

Detailed explanation-5: -Prospects: People who have not yet purchased your product but are considering it. Target market users: People in your target market who are not currently looking for a solution.