Podcast
Questions and Answers
What does the term 'available market' refer to?
What does the term 'available market' refer to?
- Individuals already using a product.
- Total demand of a product in a specific industry.
- Percentage of the population interested in a product.
- Possible buyers with resources and willingness to purchase. (correct)
Which of the following best defines 'penetrated market'?
Which of the following best defines 'penetrated market'?
- Individuals interested in the product but not yet buying.
- People who are not aware of the product.
- Current customers who are loyal to the product. (correct)
- All consumers considering a purchase.
What is included in the three main compositions of your market?
What is included in the three main compositions of your market?
- Existing customers, prospects, target market users. (correct)
- Prospects, suppliers, existing customers.
- Market analysts, available market, penetrated market.
- Existing customers, competitors, market analysts.
Which question should you NOT consider when analyzing your market?
Which question should you NOT consider when analyzing your market?
What does 'market need' pertain to?
What does 'market need' pertain to?
How can competition in a market influence pricing and margins?
How can competition in a market influence pricing and margins?
In determining market share, what is crucial for businesses to consider?
In determining market share, what is crucial for businesses to consider?
What is a primary focus when presenting a product to potential customers?
What is a primary focus when presenting a product to potential customers?
Which of the following is NOT a characteristic of 'target market'?
Which of the following is NOT a characteristic of 'target market'?
What is a fundamental question for businesses to ask regarding market trends?
What is a fundamental question for businesses to ask regarding market trends?
Flashcards
Market Potential
Market Potential
The total demand for a product in a specific market.
Available Market
Available Market
Potential buyers who have the resources, access, and willingness to buy a product.
Target Market
Target Market
People who are not yet reached by a product or service.
Penetrated Market
Penetrated Market
Signup and view all the flashcards
Market Need
Market Need
Signup and view all the flashcards
Market
Market
Signup and view all the flashcards
Existing Customers
Existing Customers
Signup and view all the flashcards
Prospects
Prospects
Signup and view all the flashcards
Target Market Users
Target Market Users
Signup and view all the flashcards
Market Share
Market Share
Signup and view all the flashcards
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
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.
