MANAGEMENT

Detailed explanation-1: -Define “Market”. Potential customers with shared needs who have the desire and ability to buy a product.

Detailed explanation-2: -A company’s potential customer is usually referred to as a prospect. It is a person who has the potential to be interested in the services and products that are offered by the company but has not yet purchased.

Detailed explanation-3: -Saylor Academy notes the consumer purchasing power is the number of products or services that can be bought with a unit of currency. Consumer purchasing power is closely related to the rate of inflation and price fluctuations. However, purchasing power is also dependent on a consumer’s net income.

Detailed explanation-4: -Wants turn to be Demands when a customer is willing and having the ability to buy that needs or wants. The basic difference between wants and demands is desire. A customer may desire something but he may not be able to fulfill his desire.