The Purpose of Calculating Market Potential Is

question 10

Multiple Choice

The purpose of calculating market potential is:

• A) to estimate the total amount of selling space in the market devoted to the merchandise the new business will sell.
• B) to calculate the market share based on selling space.
• C) to arrive at a dollar or unit sales estimate for the total market.
• D) to estimate the percentage of the total market potential the proposed business will obtain.

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Definitions:

Sociological Imagination

The ability to see the relationship between individual experiences and larger social influences, coined by C. Wright Mills.

Spencer's Idea

Associated with Herbert Spencer, who applied evolutionary theory to sociology and philosophy, advocating that society evolves through survival of the fittest.

Symbolic Interactionism

An approach in sociology that emphasizes the role of symbols and language as core elements of all human interaction.

Fundamental Principles

Basic concepts or ideas that serve as the foundation for a system, theory, or belief.