What term describes the process of finding individuals or businesses interested in purchasing a product or service?

The process of finding individuals or businesses that have an interest in purchasing a product or service is best described by the term prospecting. This involves identifying potential customers or leads who may be interested in what is being offered. Prospecting is a critical step in the sales process because it focuses on building a pipeline of potential buyers who can be engaged and nurtured towards making a purchase decision.

In contrast, marketing research refers to the systematic collection and analysis of data regarding consumers and market trends; while this information can help inform prospecting efforts, it does not directly involve the act of identifying interested buyers. Sales forecasting is concerned with predicting future sales based on historical data and market analysis, rather than identifying new potential customers. Market segmentation involves dividing a broader market into smaller, more defined groups based on shared characteristics, which aids in targeting communications and offers but does not directly focus on the prospecting process itself.