Who is potential customer?

[user_gary]

Philip Kotler -- "A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want."


Could anyone explain this definition of market? (Particularly `what is potential customer'?)

[sandhya.sha]

Originally Posted by user_gary

Philip Kotler -- "A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want."


Could anyone explain this definition of market? (Particularly `what is potential customer'?)

potential customer is a person who may buy a particular thing. there is a high possibility of this person buying that thing.

coming to the definition of the market,
' potential customers sharing a particular need or want' - those people who have a common need or want for a particular thing and are considered as potential customers because they may buy that

'need or want' - need is your necessity, and want is your choice.
For example, food is your need, and sandwich is your want.
Sandwich is your need, and a particular brand is your want.

'who might be willing and able to engage in exchange to satisfy that need or want' - those potential cutomers may be willing to buy and can buy that particular thing

'engage in exchange' - buy; give money and get something; transaction

A market is a group of those people who have a need for that particular thing and may buy that thing in future.

[user_gary]

Originally Posted by sandhya.sha

potential customer is a person who may buy a particular thing. there is a high possibility of this person buying that thing.

coming to the definition of the market,
' potential customers sharing a particular need or want' - those people who have a common need or want for a particular thing and are considered as potential customers because they may buy that

'need or want' - need is your necessity, and want is your choice.
For example, food is your need, and sandwich is your want.
Sandwich is your need, and a particular brand is your want.

'who might be willing and able to engage in exchange to satisfy that need or want' - those potential cutomers may be willing to buy and can buy that particular thing

'engage in exchange' - buy; give money and get something; transaction

A market is a group of those people who have a need for that particular thing and may buy that thing in future.

Thank you very very much -- Sandhya.
Really, I like your explanation.

[sandhya.sha]

Originally Posted by user_gary

Thank you very very much -- Sandhya.
Really, I like your explanation.

You are most welcome, user_gary.

Regards,
Sandhya