Sample interview questions: How do you assess market size and potential for a product or service?
Sample answer:
Assess Market Size:
- Secondary Research: Analyze industry reports, government data, and surveys to estimate the overall market size in terms of revenue or volume.
- Customer Interviews: Survey current or potential customers to gather insights on market demand, preferences, and demographics.
- Historical Sales Data: Extrapolate past sales data to project future market size, accounting for growth rates and market trends.
- Segmentation: Divide the market into specific segments based on demographics, behavior, or needs, and estimate the size of each segment.
Assess Market Potential:
- TAM (Total Addressable Market): Determine the maximum potential market size by identifying the total number of potential customers who have a need or desire for the product or service.
- SAM (Serviceable Addressable Market): Estimate the portion of the TAM that the company can realistically serve, considering factors such as competitive landscape and distribution channels.
- SOM (Share of Market): Set re… Read full answer
Source: https://hireabo.com/job/1_0_13/Market%20Research%20Analyst