Hi RUSDI,
are all the information above provided or based on your assumptions?
If the information you shared is given, then you need to make assumptions on how you can break down the 5M population into the respective segments in order to identify the number of customers and then multiply it by the average number of products sold per customer.
Basically you need to determine:
1. Which share of the population is < 35 yrs old and single?
2. Which share of the population >35 yrs old and single?
3. Which share of the population is married?
4. What is the average number of products sold per customer?
The rest is simple math.
I hope this helps. Please let me know if you need further help with market sizing cases.
Best,
Florian
Thanks again for the response. I make assumption that only people with age 15-55 are relevant. Then, make assumption only 50% of people is married since it is developed country (aging population). Finally, I draw venn chart to distribute the number. I am not sure if I can approach this way
Hi Rusdi, if marital status is a meaningful segmentation for the specific case, then I think your approach works well. Without knowing what this case is about, it is a bit hard to tell, whether this is generally the right approach.