Study entrepreneurship 11

1. Prayer

2. Exercise

3. RECAP

4. What is Potential Market?
 is the part of the total population that has
shown some level of interest in buying a
particular product or service.
 is also called Total Addressable Market.
 is the part of the market you can capture in
the future. It includes the demographic groups
that are not currently your customers but
could become customers in the future.

5. What is Market Potential?
 it is the total demand
for a product in a given
business environment.

6. Entrepreneurship
Quarter 1 Week 3 Module 3

7. Reaching Your Potential Market
(Lake, L., 2019)
 The demographic information that people in a group
have in common.
 The best forms of media to reach them.
 How they prefer to shop and make purchases.
 The concerns, struggles, or problems that you can
help them overcome.
 What values matter to them, both in everyday life and
when shopping.
The language that resonates with them.

8. The figure below depicts what is a potential market
with respect to the total population and how it can be
converted to a penetrated market.

9. Target Market (Kenton, W., 2019)
- Refers to a group of potential customers to
whom a company wants to sell its products
and services. Target markets are generally
categorized by age, location, income, and
lifestyle. Defining a specific target market
allows a company to home in on specific
market factors to reach and connect with
customers through sales and marketing
efforts.

10. Available Market
- Prospects who are willing and capable
(have sufficient resources) buyers, and
have access to a particular market or
service.
- Defined as the number of people who
are both willing and capable of buying a
particular product or service in a
particular market.

11. Penetrated Market
- A set of customers or clients who
are already using a particular
product or service. A penetrated
market means that the potential
users of a product or service are
aware of it, and in many cases are
active consumers of it.

12. The Market Need
1. Need
- A motivating force that compels action for its
satisfaction. Needs range from basic survival
needs (common to all human beings) satisfied by
necessities, to cultural, intellectual, and social
needs (varying from place to place and age group
to age group) satisfied by necessaries.
- A driver of human action which marketers try to
identify, emphasize, and satisfy, and around which
promotional efforts are organized.

13. 2. Market
- A market is a place where two
parties can gather to facilitate the
exchange of goods and services. The
parties involved are usually buyers
and sellers. The market may be
physical like retail outlet, where people
meet face-to-face, or virtual like an
online market, where there is no direct
physical contact between buyers and
sellers.

14. - A market does not refer to a
particular place but it refers to a
market for a commodity or
commodities. It refers to an
arrangement whereby buyers
and sellers come in close
contact with each other directly
or indirectly to sell and buy
goods.

15. - A market is any place where
sellers of particular goods or
services can meet with buyers of
those goods and services. It creates
the potential for a transaction to take
place. The buyers must have
something they can offer in
exchange for the product to create a
successful transaction.

16. Your market consists of:
 Existing customers: People who have
already purchased your product.
Prospects: People who have not yet
purchased your product but are
considering it.
Target market users: People in your
target market who are not currently
looking for a solution.

17. Define the Market Need for Your New
Business
 Why is it important to clearly define market needs?
 Below are ways to define your market:
• Consider whether the business offers a
new solution to an old problem or
compliments an emerging trend.
• Have a clear picture of your target
market.

18. • Determine the benefits that
your product or service
offers.
• Examine industry data that
can confirm whether there is
a sustained, growing
demand for your product or
service.

19. • Identify the percentage of market share
that it is realistic for you to capture. The
more competition you have, the lower
the margins will be.
• Consider how realistic your pricing is.
How can you present your product or
service to potential customers so that it
appears to be a good value, while still
affording you a healthy profit?

20. Activities
Activity 1. Read and analyze the statements below about
“Market”. Determine whether the statement is TRUE OR FALSE.
Write TRUE if the statement is correct and write FALSE if
otherwise. Write your answer in the space provided.
___________ 1. A market is any place where
two or more parties can meet to engage in an
economic transaction – and should only involve
legal tender.
___________ 2. Market includes retail stores
and other similar business that sell individual
items to wholesale markets selling goods to
other distributors but may not be virtual.

21. ___________ 3. Market refers to the
whole area of operation of demand and
supply.
___________ 4. A market signifies any
arrangement in which the sale and
purchase of goods take place.
___________ 5. The market establishes
the prices for goods and other services.

22. Activity 2. Read and analyze the given
situations below. Identify whether this refers to
existing customer, prospects, or target
market users.
1. Students need to buy a tablet/laptop for
school requirements.
2. Ana used to buy shampoo.
3. Households living in a remote area.
4. Martha, a call center agent, needs Wi-
Fi.

23. 5. Karlo, a factory worker, needs transportation.
6. Arlene, a student of a public school, needs
mobile data in order to comply with the school
requirements.
7. Hospitals need facemasks and PPEs.
8. Mike, a sari-sari store owner, wants to go
online selling.
9. Jeep drivers need to modify their jeeps for
public transportation.
10. Ella needs to buy her vitamin C to boost her
immune system.

24. THAT’S ALL, THANK
YOU FOR LISTENING!