Hi, its a simple question i know, i'm just looking to see if anybody has any other way of estimating the size of the smartphone market in a particular country.
All ideas are welcome :) thanks!
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Market sizing: Smartphone
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What is your way of estimating the market?
A straightforward way is: population size * % smartphone penetration * (1 / average time customers hold on to a smartphone).
If you want to improve this estimate I would segment by age and account for the fact that not everybody buys a new smartphone, but they could also buy a refurbished phone.
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You need to clarify if you are defining the market as market value or market volume. If it's market value, you shold add an average price of a smartphone based maybe on a proxy of GDP per capita, e.g., average phone purchase price in US could be $400, and average phone price in India could be $200.
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Do you have to segment by age? or is it okay to just do the straightforward approach in a consulting interview?