MARKET NEEDS IN A POTENTIAL MARKET - ENTREPRENEURSHIP

ENTREP

1. ENTREPRENEURSHIP MARKET NEEDS IN A POTENTIAL MARKET

2. POTENTIAL MARKET A potential market is the part of the market you can capture in the future . It includes the demographic groups of customers that will purchase your product or services in the future who might become your regular customers from the expansion of your business . A target customer that makes up its share in the available market is to be set by every business owner

3. The potential market allows you to: 1. Identifying new customers to ensure the future of your business. 2. Think proactively about ways for your business to grow and change. 3. Show the potential of your business to investors or collaborators. 4. Increase your profit. 5. Create a strategic plan when there will be changes in the economy or market.

4. Entrepreneurs take a deep study on how they will know better on their potential market (how?). Know their wants and needs including the demands. Value and Satisfaction Products and Services

5. TYPES OF PRODUCTS 1. Durables - these are the products which have long interval between repeat purchases because of their long-lasting nature. (Example. television sets like HAIER and LG. cars like Toyota and Mitsubishi etc.)

6. TYPES OF PRODUCTS 2 . Non-durables - products have stronger repeat purchases because they are consumable. (Example: shampoo, bar soap, biscuits etc.)

7. TYPES OF PRODUCTS 3. Services - these are the products which are essentially intangible because there are no physical items involved (example: training services, food vending, dental and rental services etc.)

8. CATEGORIES OF PRODUCTS 1. Convenience Products have the lowest risk and lowest effort in buying the products because consumers will not spend a lot of time or money in buying those products and can be sold by wholesales. (example; staple goods) 2. Preference Products are consumer goods that have the specific preferences for brands or suppliers but are willing to make substitution when necessary.

9. CATEGORIES OF PRODUCTS 3. Shopping Products are products that consumers feel are worth the time and effort to compare with other competing products. (example: tiles, phones, electronics, furnitures ) 4. Specialty Products are unique, customized products which have their own niches , and this commands utmost loyalty from another buyer . (example: sports car, designer clothing, exotic perfume, luxury watch, famous painting)

10. ENHANCEMENT ACTIVITY: COMPLETE ME! Direction: Fill up the table by filling the missing words using the different types of products . Write answers on a separate sheet of paper. PRODUCTS TYPES OF PRODUCT 1. Bath Soap 1. 2. Washing Machine 2. 3. Fruit Vending 3. 4. Repair and Maintenance 4. 5. Fish Vending 5. 6. Toothpaste 6. 7. Detergent Bar 7. 8. Canned Goods 8. 9. Milk Products 9. 10. Massage Therapy 10.