MANAGEMENT

Detailed explanation-1: -Estimating market size is a crucial first step in the development of any startup or small business. And it really doesn’t matter what industry you’re in-or want to be in-getting an accurate picture of your market size reveals insights that can drive both the present and future success of your business.

Detailed explanation-2: -A company’s market share is its sales measured as a percentage of an industry’s total revenues. You can determine a company’s market share by dividing its total sales or revenues by the industry’s total sales over a fiscal period.

Detailed explanation-3: -Market size measures the total sales generated by selling a product. It is measured by dividing sales over market share. Market growth measures how much a market has changed. It is measured by dividing the change in market size during year one and year two by the size of the market in year one.

Detailed explanation-4: -Calculating market size tells you whether a market is big enough to be worth investing in and indicates whether your product or service will be viable. Market size data is useful when seeking financing, as it gives investors an idea of the market potential for profit and scaling.