To determine the market potential for its product or service, a firm should use

Question

Quizplus · Accepted Answer

To accurately determine the market potential for a product or service, it is important to consider multiple factors. GDP data can provide insight into the overall economic health of a country or region, but it may not accurately reflect the market potential for a specific product or service. Unemployment data can provide insight into consumer purchasing power, but it may not be the only factor to consider. Purchasing power parity data can provide insight into how much consumers can buy with their money in different countries, but it may not accurately reflect local market conditions. Inflation data can provide insight into the cost of goods and services, but it may not be the most important factor for determining market potential. Therefore, using as many metrics as possible can provide a more comprehensive understanding of the market potential for a product or service.

To Determine the Market Potential for Its Product or Service