This original and exciting new text examines the crucial role of innovation and entrepreneurship in achieving growth and ongoing success in the small business sector.
The aims of this chapter are to assist the reader to:
- be aware of the factors influencing potential sales that can be achieved
- understand the problems with assessing market potential for new products
- be aware that even industry experts can make market forecast errors
- comprehend how variables external to the core market can have a significant impact on business performance
- examine the influence of variables such as economics, politics, legislation, finance, technology, socio-demographics and culture on market size.
An important dynamic in determining potential revenue is the current and expected future size of a market. Large markets offer greater opportunity because they usually generate much higher total sales. Additional appeal exists in those cases where a large market is expected to continue to grow over ...