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Market Potential- 2 pages. EVERYTHING IS AN ESTIMATE pART 1 Total Available Mark

by | Nov 18, 2021 | Entrepreneurship | 0 comments

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Market Potential- 2 pages. EVERYTHING IS AN ESTIMATE
pART 1
Total Available Market (TAM)
The TAM is the total market demand of the specific product or service you wish to sell. It is the market that includes all of the customers who could possibly buy from you. While this is the ideal market situation for your business, it is rarely realistic.
1. To calculate your TAM, research and estimate (in a bottom-up way) the total population of the market coverage you believe you could reach.
2. Next, carefully consider what percentage of this population you believe will purchase your products.
3. Finally, estimate how much you believe these customers will spend on your products annually and enter this estimation into the template.
Serviceable Available Market (SAM)
Narrow your market down further by determining the Serviceable Addressable Market (SAM). The SAM includes the market segment that you plan to specifically target. You must take into consideration what is reachable for you (realistically) and within your budget.
1. To calculate your SAM, estimate the percentage of your target customers within the market you plan to serve, considering your limitations (geographical, financial, etc.). You will not be able to provide products and services for your entire TAM, so think about your SAM as accurately as possible.
2. Next, estimate how much each one of these customers might spend on your products or services annually.
Serviceable Obtainable Market (SOM)
Your Serviceable Obtainable Market (SOM) is the narrowest portion of the SAM you forecast your business can capture in light of your limitations and your competition.
1. Estimate in the percentage of your SAM you believe you can capture once you take your competition into consideration.
Be sure that you calculate your market potential from the “bottom-up” as explained in the required video. Show your work by describing in the notes section how you estimated your TAM, SAM, and SOM and what information you based your estimations on (50-75 words).
Part 2
Again an estimate. 275 words

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