Market-Based Management Chapter 3: Market Potential, Market Demand, and Market Share

A broad market vision enables a business to see unserved needs that no one is addressing. - True Developing a broad vision of a market is the first step in understanding market demand. - True A broad market definition includes all potential substitute products. - True The more similar one market is to another, the less likely the possibility that consumers will substitute products. - False One key benefit provided by a broad market definition is that it concentrates a business' focus on articulated customer needs. - False A narrow market definition, one adopted by design, is not always a limitation. - True At any point in time, a business has an existing pool of current and prospective customers who make up current market demand and a potential pool of prospective customers who provide the opportunity to grow market demand. - True For any technology, the market demand has an upper limit that can be exceeded without a change in technology or a new way of using the product. - Fals