market-potential

Vocabulary Word

Definition

'Market potential' is a fancy way of saying how much money a company could earn by selling its product to everyone who might want to buy it. It's like the treasure chest a pirate is hunting for!

Examples in Different Contexts

For marketing strategy, understanding 'market potential' helps in setting realistic sales targets and planning marketing efforts. A marketing strategist might discuss, 'Given the high market potential for organic food products, we should allocate more resources to target this segment effectively.'

Practice Scenarios

Startup

Scenario:

Venture capital investors are keen on personal wellness applications these days. It would be a good idea to pitch our new meditation app idea to them.

Response:

That's a good point. The market potential for personal wellness apps is on the rise. Let's present our idea to investors.

Academics

Scenario:

Students' feedback on the feasibility of a bike-sharing service on campus has been positive. What's the take on this business model?

Response:

The feedback is encouraging. The market potential for a bike-sharing service in our university seems highly prospective.