The first step in the identification of potential markets is an assessment of the basic demand for a product.

Question

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Before identifying potential markets, it is essential to assess the basic demand for a product or service. Without assessing the demand, it is not possible to understand if there is a need or interest for the product in the market. Once the demand is established, then companies can identify potential target segments and assess their needs and preferences to develop an effective marketing strategy.

The First Step in the Identification of Potential Markets Is