All organizations positioned for global business in the 21st century must understand the environment is dynamic, complex, and multicultural thus need for a rapid response to changes in order to survive.
Reasonably and thoughtfully estimating an idea’s potential market size is a key step to successfully bringing an idea to market. When seeking out potential investors, you can bet they’ll consider market size to judge the revenue generating potential of a new idea.
Put simply: an invention or concept that could only potentially appeal to a small population is typically a riskier investment than those with mass-market appeal.
For an entrepreneur, even seemingly minor data such as spending habits, aesthetic preferences and trend studies, along with price elasticity can alter the trajectory of development, patenting and marketing. Understanding the nuances of your product’s potential market is key to the survival and success of your product.