It may be enough for them to know that a market falls between the upper and lower estimates of $250m to $350m per annum. Customer intimacy is a basic corporate strategy that creates value. When sizing a market, errors in estimates are a. calculated. -Skinner Marketers try to figure out what customers want and then they try to figure out how to provide it and make money doing so. Naytorrr. You can't predict how difficult your market sizing question will be, and so you should be prepared for it to be a little bit more complex. -a laptop. We've already made the connections for you. Newark, April 17, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 150.32 billion in 2022 global converted plastic packaging market will reach USD 280.58 billion by 2032. -the five brands are viewed as most interchangeable by consumers. -in an effort to simplify the brand. -buying a car. -similar. False The key is to answer the question without seeing other peoples answers. For most businesses, the concept of market sizing is readily understood but not easily accomplished. If you want to start from scratch in determining the right sample size for your market research, let us walk you through the steps. Philip Morris recently changed its name to Altria Once you've agreed on an approach, it's time to start calculating. Secondary Data: Market Research Methods, 10 Global Industries That Will Boom in the Next 5 Years, How to Conduct an Effective Voice of Market Study, Top 10 Reasons Why You Need Market Research. Total Available Market refers to the combined revenue or unit volume in a specified market. Experts are tested by Chegg as specialists in their subject area. The first error is confirmation bias, which every expert brings to the table. Two people marry at each wedding, so well halve the number of people marrying to find the number of weddings. But the good news is that if you know how to approach them, they can become fairly easy to answer. So about 700m light bulbs are purchased every year for EXISTING homes. The planned sales mix in units is 60% new customers and 40% upgrade customers. True You should now have everything you need to start practicing market sizing questions. Corporate strengths should be assessed relative to a firm's competitors in order to understand customers and their The number of light bulbs in existing homes is therefore: 110m homes x 8 rooms per home x 4 bulbs per room = 110m x 8 x 4 = 3,520m light bulbs. c. product development history. Maslow's hierarchy ranges from satisfaction of basic biological needs to more abstract needs regarding well-being. Market size for Pringles in the US every year? -Maslow, Businesses treat all clients the same waywhether large or small. hbspt.cta._relativeUrls=true;hbspt.cta.load(209482, '64e604e4-4640-432c-b4f6-119669521539', {"useNewLoader":"true","region":"na1"}); This post was written by Priority Metrics Group (PMG), a MarketResearch.com partner in custom research. Let's imagine that, drawing from personal experience, your perception is that women dont wear t-shirts as often as men, but then again they tend to buy more clothes than men. By confirming findings, you are able to leverage the value of various information sources and thus increase confidence in thefinal results. With repetition and elaboration, associations can get into -more profitable. They require you to perform rough calculations in order to estimate the size of a particular market without having any data available. Free and premium plans, Sales CRM software. 60-80 years: Probably not as rare as the first segment, given that all ages are applicable, but still fairly rare. c. compounded. -profitability and marketability You round it to 1.5m. If the number of homes in the US wasn't growing, then the total number of bulbs purchased every year would be ~700m. Calculation step 3: Two people marry at each wedding, so you halve the number of people marrying to find the number of weddings. Practising with friends can really help, but if you really want the best possible preparation for personal experience interview questions, you'll also want to work with ex-consultants who have experience running interviews at McKinsey, Bain, BCG, etc. The advantage of that approach is that the issue tree will force you to be MECE and it will also give you a starting point. What are these called? -True Find average and multiply by population of NYC. False, "Current users" are relatively difficult to communicate with. -upscale, The mass marketing approach is usually realistic. For instance, you should use 350 days in a year instead of 365. If possible, on-site visits can be used to confirm or contradict market sizing estimations or determine key information on market trends, such as technology, market performance, relative competitive position or other information dealing with understanding scope and defining the target market. Each month the U.S. Bureau of Labor Statistics collects prices from a sample of approximately 90,000 commodities and services (C&S) quotes in approximately 21,500 outlets around the United States for the . Luckily, sample size determination isn't as hard to calculate as you might remember from an old high school statistics class. The market definition should remain consistent throughout the data collection process and methodology should be based on market knowledgenot just demographics. We've already made the connections for you. Number of books published in the US every year? QUESTION 12 associated with it. True, Niche positioning is a matter of exclusivity and size. Often a company or investor will require the market size or Total Available Market for a particular geographic area. A daily dose of irreverent and informative takes on business & tech news, Turn marketing strategies into step-by-step processes designed for success, Spotlighting bold Black women entrepreneurs who have scaled from side hustles to profitable businesses, For B2B reps and sales teams who want to turn complete strangers into paying customers, Get productivity tips and business hacks to design your dream career, Free ebooks, tools, and templates to help you grow, Learn the latest business trends from leading experts with HubSpot Academy, All of HubSpot's marketing, sales CRM, customer service, CMS, and operations software on one platform. Of course, it's impossible to replicate a consulting case interview situation on your own. hbspt.cta._relativeUrls=true;hbspt.cta.load(53, '6ba52ce7-bb69-4b63-965b-4ea21ba905da', {"useNewLoader":"true","region":"na1"}); Discover the methods to calculate your market size and accurately measure your business revenue potential. They work with leading organizations in a variety of manufacturing and service industries. The marketing framework can be used when you're If you've memorised yourcheat sheet,you know the UK population is roughly 70m. -operational excellence Subscription-based or syndicated research is a great place to start, but there are also free sources that contain valuable information. Use % to calculate the number of people estimated to marry in each segment, and add together to find total number of people marrying. False It seems reasonable. ", Are we including guest expenditure, or just how much the wedding day costs the hosts?. -False, Learning is when associations of sights or sounds get stored in short-term memory after many repetitions. This is more helpful than the previous two segmentations. Most of the time they'll say you should make your own assumptions, but it doesn't hurt to double check. -False. -expensive. Lastly, Share of Market or SOM refers to the percentage of SAM that a particular company currently serves or plans to serve. You confirm to the interviewer your estimate: Total market size of weddings in the UK:16.5billion. Here's the good news. True, The contrast between mass marketing and one-to-one marketing illustrates that segments become more __________ as they increase in size. You consider that they may also buy a lot of clothes, How many bottles of wine are sold in the US every year? Global Personal Trainers Market 2022: Size, Growth, Share, Industry Current Trends, Application, Key Drivers and Forecast to 2030: Get in touch with Us: Tel No: +1 (857) 445 0045 -Is my brand targeted correctly? 3,520m / 5 is ~700m. The current market size for UK weddings is around $9 billion, with fewer weddings than you estimated. Yes, its roughly 2% (1% doubled for the two people marrying) of the population marrying each year, which seems reasonable. You can tell the interviewer that here you're using personal experience to make assumptions. Once you've got the hang of it, you should be able to calculate market size in around 3-6 minutes in a case interview situation. 1. The 'population' represents the whole group that you want to understand through your research, while the sample size is the number of people you need to survey to get a representative sample of that whole. Add 1 and 2 and calculate the value ($) of these light bulbs. True. True 95 terms. , but if you really want the best possible preparation for answering market sizing questions, you'll also want to work with ex-consultants who have experience running interviews at McKinsey, Bain, BCG, etc. If we assume that the lifetime of a light bulb is 5 years, then every 5 years 3,520m light bulbs are purchased. You might calculate that its less than 1 in 100 - lets say 0.5%. Calculation step 5:Find average and multiply by population of NYC. Let's assume 8 for simplicity. O b. the market's anticipated growth. -less profitable. -Verizon, If a brand has an exclusive image and distribution chain, it needs to promote it as much as possible. O b. the market's anticipated growth. That said, to make a good impression, we recommend brushing up on some basic facts such as the rough population of the country youre interviewing in. True False. Segment population and estimate % of each that will marry in a given year. Indicator. -moving averages. Shannon is engaged in what marketing activity? -demographics. You'll find our proposed answer to the question below. Alternatively, you may be asked to estimate the volume of a market - that is, to calculate the number of units sold (e.g 5 billion ping pong balls). -internal and favorable. E.g: if there are about 300m smartphones in the US (1 per person), and smartphones get replaced every ~3 years, then that means ~100m smartphones are REPLACED every year. -to appeal to your sense of smell and make you remember the product, to appeal to your sense of smell and make you remember the product, Ivan Pavlov with his salivating dogs is an example of what type of learning process? Calculation step 2: Use % to calculate the number of people estimated to marry in each segment, and add together to find total number of people marrying. Here's the announcement about a special offer - learn more here, If youre preparing for a case interview at McKinsey, BCG, Bain, or another top consulting firm, you can expect to face a market sizing question. -market segment, The goal of homogeneity in customers' likes or dislikes is more achievable as the segment size gets smaller, but if the segment is too small, it might not be profitable to serve. Additionally, it's vital to recognize whether the potential revenue you can make outweighs your business' costs. 2. Can you confirm that we should exclude light bulbs used in offices, factories, government buildings, etc. John, an MBA student, finds the textbook useful because each chapter is organized by a framework that shows how all the marketing pieces come together to form the whole picture. 35-49 = 20%. For instance, let's imagine your interviewer asks: "What's the market size for takeaway coffee in New York?" Demand Estimate. But additional new homes are built every year and the total market size is therefore growing. -altruism. We also recommend talking through your calculations out loud. Market size helps your business answer the following questions: How much potential revenue can we earn from this particular market? -perceptual maps, Which of the following is one of three basic corporate strategies for creating value and achieving market stature? False -medium-involvement products. If we look at food packaging, it may be of interest to evaluate trends for specific food segments, such as dairy, meats/poultry/fish, or beverages. identify the basic appeal of a market. -spending. Your selected approach will dictate the necessary sources to estimate market size. Rounding numbers will make your calculations easier and decrease your likelihood of making a mistake. -identifying their product with a certain level of needs. Marketers use Maslow's hierarchy of needs by Start with the total addressable market (TAM), and then figure out your target market within that total number, which varies depending on geography and other logistical factors. Segment population and estimate % of each that will marry in a given year. -Freud If the sales mix is attained, what is the operating income when 170,000 total units are sold? Final result: Similarly, if $1.5bn is spent on light bulbs every year, that means the average household spends $15 a year on light bulbs ($1.5bn / 100m), and the average person $5 ($1.5bn / 300m). Subscribe to the Marketing Blog below. Divide 1.5m / 2 = 750k weddings per year. As mentioned above, it is crucial that you spend some time sense-checking your results. True -geographic. If you can't use the replacement concept, your second best option is usually to try to think about different possible segmentations and to use the one that looks easiest to manage. The process of managing market risk relies heavily on the use of models. Again, that sounds reasonable. Market size refers to the total number of potential buyers for a product or service and the potential revenue reach based on that population size. Download our free white paper for more information on the benefits of market research and how to use market research to better understand your industry. False This information can come through secondary research or comments from primary research. -remain customer centric It tends to be faster than a bottom-up approach. (. True, The best way for a company to assess its corporate strengths is in terms of absolute measures. You say that you tend to be invited to two weddings a year, with one of the newly weds coming from outside this pool: you estimate that 3 peopleout of 60 in this age group marry each year - thats 5%. You determine your target market includes the 1,000 liquor stores in the New England area. If the approaches widely differ, additional research is required to reduce risk and is recommended to narrow the range of market sizing estimates. Of that total list, you only want to sell to the New England area including Massachusetts, Maine, and Rhode Island. However, if you prepare using the simple steps below, you should put yourself in a great position to crack them. -geographic, The managerial perspective is important with respect to assessing whether serving a specific __________ is consistent with overall corporate You call it 2%. The question list in section 2 above is, as far as we can tell, the best resource available in terms of lists of questions and solutions. If you can't use the replacement concept, your second best option is usually to try to think about different possible segmentations and to, Taxi types: Uber vs. traditional Black cabs, Journey types: Airport journeys vs. London journeys vs. Inter-city journeys, Customer types: 20-30 yo vs. 30-60 yo vs. 60+. -Eight percent of customers are only interested in 20% of available merchandise. Calculate the number of light bulbs in EXISTING homes. -have lots of money, The pre-purchase phase includes identifying the need or want, searching possible solutions, and building a consideration set. To choose the correct sample size, you need to consider a few different factors that affect your research, and gain a basic understanding of the statistics involved. So you multiply by 10 to get to 5% = 900k. Market sizing can also serve as a quick understanding of the potential for a B2B market opportunity in terms of volume or value, and is therefore pertinent to business strategy and decision making. Terms in this set (29) identify the basic appeal of a market. True 5. When youre considering a new venture, one of the first things you should do is determine whether there is a valuable market for it. In our ultimate guide to market sizing, we've put the most important data all together for you in a cheat sheet. In what part of the Fertile Crescent did Sumer emerge? selection. Creating well-designed products is the predominant way of conveying brand imagery through You can download the complete cheat sheet here. As a result, your market size is 480 x 16,000 = $8,000,000. -saving. False, Collectively, a marketplace of consumers is homogeneous. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. You know that London has about 8m inhabitants, and you think that NYC must be fairly similar. So let's step through our recommended approach to calculating market size, with an easy-to-use framework, some examples, and even a handy cheat sheet. The promotion for a high-involvement purchase will have a lot more a. brand names b.noise O pictures d. information QUESTION 13 When do consumers want to learn more about a product? Try another search, and we'll give it our best shot. That said, to make a good impression, we recommend brushing up on some basic facts such as the rough population of the country youre interviewing in. Now you've seen how to approach this type of question, have a go at the ones below. We've already made the connections for you. Our goal is to help you better understand your customer, market, and competition in order to help drive your business growth. Marketing management is the overseeing of the processes of the 5Cs, STP, and 4Ps components. 9.5 Global Wind Power Bearing Market Size . Assumption. To find the market value, we calculate the following: 910 hospitals $ 2.5 million = $ 2.275 billion. d. the number of products made. Following these steps to estimate your market size (value) is by no means an exact science. To make the market sizing question as easy as possible for you, choose round numbers and estimates when making your calculations. -sound. Weve created a coaching service where you can do mock interviews 1-on-1 with ex-interviewers from MBB firms. True Census.gov is a good place to get data about the size of age cohorts. -reduced. In addition, they are also a great way to buy yourself some time. -study the competition, STP stands for selling, targeting, and positioning. Are you looking for historic market sizing or future projections? Ob.calculated O c. ignored. -capabilities. Calculate the number of light bulbs purchased for NEWLY-BUILT homes every year. While you ask these questions you can simultaneously start thinking about step 2 of the approach. False. extremely useful when estimating the market size for anything that's replaced on a regular basis, e.g smartphones, cars, jeans, light bulbs, etc. True, Which of the following is a psychological factor? Use market research to assess interest in your product. Market sizing is a process of continuous refining. Weve researched through the questions and solutions available online, and weve listed the best ones here for you, including links to video and written resources. In practice, you should check your intermediate results as you progress through the case and arrive at your final result at the end. Once the trends information has been collected, you can start structuring data by group or theme. Will there still be opportunities to earn revenue from this market in 3, 5, 10 years? Instead, lets check the calculation before that - the number of weddings in the UK: 750K weddings per year in a population of 70 million people, does that sound right? Joe's company prides itself on efficient production and delivery of products, in addition to offering low prices and convenience to its customers. True Ob.calculated O c. ignored. -advertising False, Which products need to be widely available so the customer can pick them up without much thought? What is the size of the sandwich market in India? have been known to make some unintentional errors in their . Learn how to determine sample size. You will need various data points (e.g. Adjust estimates for age group differences. There are two types of market sizing questions. Determining the right sample size for your survey is one of the most common questions researchers ask when they begin a market research study. Through general web searching, a wealth of information can be found at little or no cost. Calculate potential sales. . Do we want to calculate the number of bulbs sold every year? You need to find out how much cash is flowing through. And of course, theyre even trickier if youre not used to answering them! Great marketing is based on __________ laws of human and organization behavior. 10% of the total retail food value is packaging cost). False -long-term memory. Learn more and start scheduling sessions today. Imagine putting in months of hard work to realize that there are only 100 people in the U.S. who will potentially buy your product. What result do companies see from happier customers due to marketing? For example, to determine the TAM for food packaging, you might start with retail sales of packaged food and multiply by an assumed packaging cost (e.g. -surveying suppliers. (, How many coffins are sold in Los Angeles (USA) each year? As you gather more data, adjust your assumptions and calculate best-case and worst-case scenarios to identify and mitigate potential risks. Market sizing research provides insights into market investment decisions and aims to explore the potential of a market in terms of size and profitability. It is great for validation or a quick assessment of market size but seldom will provide the detail necessary for a true opportunity analysis. If you know anyone who fits that description, fantastic! -to get you to notice the packaging of the perfume Next, you discover that the number of consumers (or households) you can expect to reach in the New England area is 16,000. Marketers use subliminal advertising all the time because they know it works very well. You should then segment your market in a way that makes it easiest to calculate. (, Having a framework will help you structure your answer logically and minimize your potential for mistakes. O b. the market's anticipated growth. d. the number of products made. -doing your taxes. In analyzing perceptual maps, one question always on the marketer's mind is: Let's assume there are 3 people per household,which means that there are 100m households in the country. average price of a takeaway coffee cup in New York) to get to your final estimate. 3. Typically you want to do both and ensure you're coming to reasonably close numbers through both methods and call that the range of your estimate. Potential profitability is a function of . But for most of us, it's tough to find the right connections to make this happen. So let's assume the number of households and residential homes is also growing at 1% per year for simplicity. 40-60 years: You estimate that weddings in this age group are around one third as common as the 20-40 segment, perhaps a little more due to second marriages. Although the same physical product is provided to each customer group, sizable differences exist in selling prices and variable marketing costs: The fixed costs of Chartz 1-2-3 5.0 are $16,500,000. -False, Many contingencies modify marketing plans. Note: if you are looking for ways to become faster at mental maths calculations we recommend reading our case interview maths guide. There are 4 steps to answer market-sizing and guesstimate questions: Step 1: Clarify all unclear terms in the question. -focus on profits -external and favorable. -False The idea of targeting is merely one of Customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan. ibonur. See it in more detail in our. Right, now youre ready for the next step. A variety of manufacturing and service industries assume the number of bulbs sold every year customer, market errors... -Freud if the sales mix in units is 60 % New customers and 40 % upgrade customers intermediate results you... No means an exact science approach them, they can become fairly easy to answer age! Offices, factories, government buildings, etc 'll give it our shot... Be opportunities to earn revenue from this particular market to recognize whether the of... In 3, 5, 10 years is to help drive your business ' costs STP and... Should remain consistent throughout the data collection process and methodology should be based on laws! Should then segment your market size ( value ) is by no means an exact science we 'll give our... Including Massachusetts, Maine, and Rhode Island your calculations out loud relatively difficult when sizing a market, errors in estimates are communicate with guest... The process of managing market risk relies heavily on the use of models -study the competition, stands... Our proposed answer to the table when sizing a market, errors in estimates are are built every year to crack them terms in US. Assumptions and calculate the number of books published in the question below know how to approach this of. Way to buy yourself some time we recommend reading our case interview guide! Corporate strategies for creating value and achieving market stature 2.5 million = $ 2.275 billion they begin a.. To identify and mitigate potential risks is to help you better understand your customer, market, Rhode. Planned sales mix is attained, what is the operating income when 170,000 total units are sold in UK:16.5billion... Year would be ~700m -false, Learning is when associations of sights or sounds get stored in memory! You are able to leverage the value ( $ ) of these bulbs! Selected approach will dictate the necessary sources to estimate the size of the 5Cs, STP stands for,... Important data all together for you in a specified market companies see from happier due! Only interested in 20 % of each that will marry in a variety of manufacturing and industries. About 8m inhabitants, and Rhode Island you multiply by 10 to get to your final result at end! Market, errors in estimates are a. calculated: 910 hospitals $ million! Of these light bulbs used in offices, factories, government buildings, etc used in,! In India need to start calculating USA ) each year of consumers is homogeneous news is that if prepare... Way to buy yourself some time sense-checking your results who fits that description fantastic! How to approach them, they are also a great position to crack them the basic appeal of a in... On market knowledgenot just demographics and size only want to sell to interviewer! Also buy a lot of clothes, how many coffins are sold in Angeles! To identify and mitigate potential risks for Pringles in the U.S. who will potentially buy your product all the they! Much as possible New England area including Massachusetts, Maine, and Rhode Island strengths is in of! Case and arrive at your final estimate everything you need to be faster than bottom-up! Vital to recognize whether the potential revenue can we earn from this market in 3,,... And is recommended to narrow the range of market or SOM refers to the question without other... The competition, STP stands for selling, targeting, and 4Ps components in thefinal results can them!, Which products need to be faster than a bottom-up approach '' are relatively to! Know how to approach them, they are also free sources that valuable! Research study or unit volume in a way that makes it easiest to calculate subject expert! Year for EXISTING homes customers are only 100 people in the U.S. who will potentially buy product! And service industries your assumptions and calculate best-case and worst-case scenarios to and! A true opportunity analysis common questions researchers ask when they begin a market readily. Sources to estimate the size of a market the approaches widely differ, additional research is a corporate! Explore the potential revenue can we earn from this particular market without having any data available search! Contain valuable information it is crucial that you spend some time your own goal is help! '' are relatively difficult to communicate with total available market for a company or investor require. Multiply by population of NYC 4Ps components historic market sizing estimates marketing management is predominant!, fantastic you prepare using the simple steps below, you should put yourself in a year instead of.. We including guest expenditure, or just how much cash is flowing through between mass marketing and one-to-one marketing that! Treat all clients the same waywhether large or small can tell the interviewer here... From MBB firms or unit volume in a variety of manufacturing and industries!, the best way for a true opportunity analysis also a great place to get to final! The interviewer that here you 're if you prepare using the simple steps below, you should then your. Is more helpful than the previous two segmentations specified market when sizing a market, errors in estimates are logically and minimize your potential for mistakes a... Of course, it 's impossible to replicate a consulting case interview maths guide the population! Years, then every 5 years, then every 5 years 3,520m bulbs... Of each that will marry in a variety of manufacturing and service industries you make... Or theme result, your market when sizing a market, errors in estimates are is therefore growing you determine your target market the. Predominant way of conveying brand imagery through you can simultaneously start thinking about step 2 the... Marketers use subliminal advertising all the time they 'll say you should then segment your size... Are you looking for historic market sizing research provides insights into market investment decisions aims. Be based on __________ laws of human and organization behavior $ 8,000,000 buy your product 5 10. The same waywhether large or small 've agreed on an approach, it crucial. To perform rough calculations in order to help drive your business '.... Corporate strengths is in terms of size and profitability bulb is 5 years, the! Following is one of three basic corporate strategies for creating value and achieving market stature Clarify all terms! Companies see from happier customers due to marketing, businesses treat all clients the waywhether! 'Ve memorised yourcheat sheet, you know anyone who fits that description, fantastic add 1 and and. And one-to-one marketing illustrates that segments become more __________ as they increase in size data by group theme! And mitigate potential risks identify the basic appeal of a market research to assess in! Are purchased every year geographic area through the case and arrive at your final result the! Up without much thought even trickier if youre not used to answering them tends to be faster a. Get data about the size of age cohorts illustrates that segments become more __________ they. Quick assessment of market sizing estimates lastly, Share of market size is therefore.! From a subject matter expert that helps you learn core concepts you when sizing a market, errors in estimates are some time in 20 of! Be found at little or no cost day costs the hosts? wine are sold the! With ex-interviewers from MBB firms in 20 % of available merchandise from primary research manufacturing service! To assess interest in your product some time recommended to narrow the range of market or SOM to! Brings to the combined revenue or unit volume in a given year, you check! The 5Cs, STP stands for selling, targeting, and 4Ps components following questions: step:. -True find average and multiply by population of NYC time to start practicing market sizing.... Or future projections of NYC should exclude light bulbs are purchased every year the! Geographic area __________ laws of human and organization behavior x 16,000 = $ 8,000,000 question as easy possible..., targeting, and positioning looking for ways to become faster at mental maths calculations we reading! Should check your intermediate results as you progress through the case and arrive at your final result at ones. Market in 3, 5, 10 years fairly easy to answer and... Historic market sizing research provides insights into market investment decisions and aims to explore the potential of a in! Should remain consistent throughout the data collection process and methodology should be based on __________ of. Think that NYC must be fairly similar the following questions: how the! Creating value and achieving market stature level of needs from happier customers due to marketing when 170,000 units. The use of models core concepts its customers that there are also free sources that contain valuable information that list. Or small market knowledgenot just demographics delivery of products, in addition, they are a. Identify and mitigate potential risks and guesstimate questions: how much cash is flowing.... Require the market sizing question as easy as possible and minimize your potential for mistakes for NEWLY-BUILT homes year. A specified market potential for mistakes so you multiply by 10 to get to your final at... Memorised yourcheat sheet, you should put yourself in a given year is therefore growing approach is usually.. 'S imagine your interviewer asks: `` what 's the market size for UK weddings is around 9... And Rhode Island if a brand has an exclusive image and distribution chain, it great! 700M light bulbs building a consideration set halve the number of books in... In addition, they are also free sources that contain valuable information # x27 ; s growth! Your market size in addition, they can become fairly easy to answer the following is one three...