The potential market for a product or service consists of which of the following?
A) the total population of a defined geographic region
B) current customers and latent customers
C) current customers and potential customers
D) potential customers and lapsed customers
E) none of the above

Question

Quizplus · Accepted Answer

The potential market consists of current customers and potential customers. It is important to consider both groups when determining the market size and potential for growth. The total population of a region (A) is too broad and does not necessarily represent those who would actually be interested in the product or service. Latent customers (B) are those who have not yet recognized their need for the product or service, and lapsed customers (D) are those who were previously customers but have since stopped using the product or service. While these groups may provide opportunities for targeting and conversion, they are not part of the potential market.

The Potential Market for a Product or Service Consists of Which