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

In product launch planning, 'market potential' indicates the expected demand for a new product, guiding production and supply chain decisions. A product manager might note, 'Assessing the market potential for our new smartwatch range will help us manage inventory levels and distribution networks accordingly.'

Practice Scenarios

Business

Scenario:

Our market analysis indicates a rising demand for plant-based food products. What are your thoughts about entering this sector?

Response:

Given the growing vegan population, I believe the market potential for plant-based foods is enormous.

Marketing

Scenario:

Our consumer survey data has highlighted a significant interest in organic cosmetics amongst millennials. We should devise a campaign targeting this space.

Response:

Agreed, the market potential is high for organic cosmetics in the millennial segment. We should launch a targeted campaign.