Understanding the size and attractiveness of the market are key activities for product planning and should be continually assessed. Product managers should follow three critical steps to ensure that these activities are undertaken effectively.
- Step 1 — Define and Cross-Check Data Sources Regarding Market Size and Conditions
- Step 2 — Define a Robust and Repeatable Process for Market Sizing
- Step 3 — Refine Market Sizing Estimates by Regularly Challenging and Validating All Forecasting Assumptions and Updating the Source Data
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