Market Potential Example
Let’s consider a different example focusing on the market potential of a new mobile gaming console to be launched in India:
1. Geographical Factors
- Tech-Savvy Population: India has a rapidly growing tech-savvy population, especially among the younger demographic.
- Overall Population: With a population of over 1.3 billion, India offers a vast market for consumer electronics.
2. Competitive Landscape
- Existing Competitors: Assessing the presence of other mobile gaming consoles in the Indian market, such as Nintendo Switch, PlayStation Portable, and Xbox handheld devices.
- Features Comparison: Evaluating the features and capabilities of these existing consoles, including gaming performance, graphics quality, game library, and pricing strategies.
3. Market Potential Assessment
- Target Audience: Identifying the target audience within India’s tech-savvy and gaming enthusiast communities.
- Market Research: Conducting surveys, and focus groups, and analyzing gaming trends to gauge consumer preferences and willingness to adopt a new gaming console.
- Price Sensitivity: Considering the pricing strategy of the new console and its affordability for the Indian market.
- Distribution Channels: Planning effective distribution channels, including online platforms, retail stores, and partnerships with gaming retailers.
4. Projected Sales
Based on market research and analysis, it’s estimated that the new mobile gaming console could potentially sell 50,000 units in its first year in India. If each unit is priced at Rs 300, the projected revenue would be Rs 15,000,000 in the first year.
Related Articles:
Market Potential – Definition, Importance, Factors & Example in Product Management
Market Potential in Product Management is about how much people in a certain area might want to buy a product. For product managers, it’s really important because it helps them decide if it’s a good idea to make a new product or make more of an existing one. They look at things like how many people might buy the product and what other similar products are out there. By figuring this out, product managers can make smart choices about where to focus their efforts.
Table of Content
- What is Market Potential in Product Management?
- Importance of Market Potential
- Determination of Market
- Factors for Calculating Market Potential
- Market Potential Example
- Conclusion
- FAQs: Market Potential