Podcast
Questions and Answers
What does the term 'available market' refer to?
What does the term 'available market' refer to?
Which of the following best defines 'penetrated market'?
Which of the following best defines 'penetrated market'?
What is included in the three main compositions of your market?
What is included in the three main compositions of your market?
Which question should you NOT consider when analyzing your market?
Which question should you NOT consider when analyzing your market?
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What does 'market need' pertain to?
What does 'market need' pertain to?
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How can competition in a market influence pricing and margins?
How can competition in a market influence pricing and margins?
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In determining market share, what is crucial for businesses to consider?
In determining market share, what is crucial for businesses to consider?
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What is a primary focus when presenting a product to potential customers?
What is a primary focus when presenting a product to potential customers?
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Which of the following is NOT a characteristic of 'target market'?
Which of the following is NOT a characteristic of 'target market'?
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What is a fundamental question for businesses to ask regarding market trends?
What is a fundamental question for businesses to ask regarding market trends?
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Study Notes
Market Analysis Concepts
- Potential Market: Percentage of a population interested in or using a product/service.
- Market Potential: Total demand for a product in a specific market sector.
- Available Market: Potential buyers with resources, access, and willingness to purchase.
- Target Market: Potential buyers who haven't yet encountered the product/service.
- Penetrated Market: Existing, loyal customers.
- Market Need: Customer satisfaction factors, ranging from basic needs to social desires.
- Market: Exchange of products/services benefiting buyers and sellers.
Market Composition
- Existing Customers: Current buyers of the product/service.
- Prospects: Potential customers considering a purchase.
- Target Market Users: Potential customers unaware of the product/service.
Identifying Market Opportunities
- Consumer Needs: Identify current and future consumer needs related to products.
- Potential Interest: Evaluate potential interest in existing product offerings from other groups.
- Customer Similarities: Find common traits among current and potential customers.
- Product Innovation: Consider if the product offers new solutions or complements existing trends.
Market Analysis Strategies
- Target Market Definition: Clearly define the target market.
- Product Benefits: Highlight the advantages of the product/service.
- Market Demand: Analyze industry data for sustained demand.
- Market Share: Define a realistic market share capture goal.
- Pricing Strategy: Ensure competitive pricing with a healthy profit margin.
- Value Perception: Present the product/service as a good value to customers.
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Description
Test your understanding of key market analysis concepts, including potential market, market potential, and target market. This quiz covers the definitions and characteristics required to identify market opportunities effectively. Perfect for students and professionals in marketing or business studies.
