How will you estimate # of weddings in a year in US?
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How will you estimate # of weddings in a year in US?
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Hi there,
You'll really get the best out of this exercise if you try it yourself. Why don't you post what you're thinking and we can help?
Hint: Do you think this makes more sense top-down or bottom up?
General Tips
Remember that there's rarely a "best" answer with market sizing. What's important is that you break down the problem the way it makes sense to you. Importantly, break it down so that the assumptions you make are the ones you're most comfortable in.
For example, do you know all the major brands? Great go with that. Do you understand all the segments of that country's population (either age or wealth or job breakdown)? Go with that. Do you know the total market size of a similar industry? Then break it down that way.
Some tips:
Start with US population.
Segment based on age groups, then get # of 25-35, 36-45 and 46-55 groups.
Give probability of each group to get married in a given year.
Assumptions can be made based on personal experience (e.g. x number of couples in xxx age group that I know get married each year).
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