Potential Market.pptx

potential market

1. potential market

2. 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.

3. Market Demand is the total demand of all potential customers for a specific product/service over a specific period in a specific market area.

4. Value- consumers have different needs and buying capacities, consumers assign varying values on the same product or service.

5. Satisfaction- to ensure the maximum customer value and satisfaction

6. Products are considered tangible goods wherein the goods can be seen and touched. Services are the intangible goods wherein you will be paid according to your profession, skills, and talents.

7. TYPES OF PRODUCTS

8. Durables- These are the products which have long interval between repeat purchases because of their long-lasting nature.

9. 2. Non-durables Products that have stronger repeat purchases because they are consumable.

10. 3. Services These are the products which are essentially intangible because there are no physical items involved

11. CATEGORIES OF PRODUCTS

12. 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. For instance, Toothpaste, toilet paper, drinks, food, and deodorants, etc. 

13. 2. Preference Products are consumer goods that have the specific preferences for brands or suppliers but are willing to make substitution when necessary. Ex. Palmolive shampoo

14. 3. Shopping Products are products that consumers feel are worth the time and effort to compare with other competing products. (example: tiles) They are durable The rate of purchase is infrequent Opportunity  cost is high Less availability

15. 4. Specialty Products specialty goods have rare features and unique designs and they don’t have homogenous products. For instance, designer clothing, high specification laptop, sports car, rare ornaments, etc.