How will you identify the market potential or demand?

Question

Accepted Answer

Estimating market potential involves analyzing market size, growth rate, competition, customer needs, and market trends.

Analyze market size by studying demographic data, industry reports, and market research.
Assess the growth rate by analyzing historical data, industry forecasts, and economic indicators.
Evaluate competition by conducting competitor analysis, understanding their market share, and unique selling propositions.
Understand customer needs through surveys, focus groups, and customer feedback.
Monitor market trends by staying updated with industry news, attending conferences, and analyzing social media.
Combine all the data to estimate the market potential and identify opportunities for growth.

Accepted Answer

By studying the current developments in the market, we can determine what they need right now

Accepted Answer

To find the overall market potential(that is, the potential market volume), multiply your number of target customers by the penetration rate (see steps 2 and 3 above

Accepted Answer

<p>30 lakhs</p>

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How will you identify the market potential or demand?

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