Potential Market Identification

Potential Market Identification refers to the process of finding and understanding groups of consumers who might be interested in a particular product or service. It involves researching demographics, preferences, and trends to discover opportunities for growth. By identifying these potential markets, businesses can tailor their marketing strategies to meet the specific needs and desires of these groups, increasing their chances of success. Essentially, it’s about recognizing who could benefit from what you’re offering and how best to reach them.