General Electric calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion, given anticipated marketing efforts by the firms involved. This figure represents the industry's
A) sales potential.
B) market potential.
C) target growth rate.
D) sales forecast.
E) sales objective.

Question

Quizplus · Accepted Answer

Market potential is the total sales volume that all companies in a particular industry could achieve if every customer in the market purchased a product or service from them. Therefore, the given figure of 1 billion represents the industry's market potential.

General Electric Calculates That the Total Number of Light Bulbs