INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the approximate number of costumers that will buy or avail the service you are offering
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potential market
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loyalty
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methods
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prototype
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Explanation:
Detailed explanation-1: -How to estimate the potential market? The following formula is used to calculate the potential market: Q= n x p x q. In this formula, ‘n’ is the number of buyers, ‘p’ is the average price of that product or service and ‘q’ is the average per capita consumption.
Detailed explanation-2: -What is market size? At the most basic level, a market’s size is simply the number of potential customers that you could sell your product or service to.
Detailed explanation-3: -Your “market size” is the total number of likely buyers of your product or service within a given market.
There is 1 question to complete.