Understanding potential target markets
A market is a group of customers who have purchasing power and unsatisfied needs.
A market must comprise of the following
- A market must have buying units or customers, they may be individual or business entities.
- Customers must have purchasing power, people that lack money or credit are not viable because no transactions can occur.
- The market must contain buying units with unsatisfied needs , customers will not buy unless they are motivated to do so.
