LESSON 2: TOTAL POPULATION

available market, target market, penetrated market.

3 types of potential market

available market 1

Prospects who are willing and capable (have sufficient resources) buyers, and have access to a particular market or service.

available market 2

Defined as the number of people who are both willing and capable of buying a particular product or service in a particular market

target market 1

Refers to a group of potential customers to whom a company wants to sell its products and services. These are generally categorized by age, location, income, and lifestyle. Defining a these specifically allows a company to home in on specific market factors to reach and connect with customers through sales and marketing efforts.

target market 2

Includes the individuals or companies that are interested in a particular product or service and are willing and able to pay for it. Identifying your target market helps you reach the people to whom you most want to sell.

penetrated market

A set of customers or clients who are already using a particular product or service. A penetrated market means that the potential users of a product or service are aware of it, and in many cases are active consumers of it

Potential market

Part of the total population that has shown some level of interest in buying a particular product or service