The first step is identifying who makes up the market. Considerations often include demographic, geographic, psychographic, and behaviouristic elements. Once you’ve decided on these details, there are various sources that include data and statistics about people.
You may need to consult multiple sources, and do your own calculations to get an estimate. Refer to your assignment or course materials for details on what to consider and how to calculate the market size estimate.
The next sections of this tutorial will explore:
- How many people are in a geographic or demographic segment?
- How many people are in a psychographic or behaviouristic segment?
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