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Market sizing issues are very classic and widespread in consulting, including the first round of interviews. The target audience for these exercises is mainly made up of junior candidates or senior candidates who redirect to consulting. These tests are not particularly complicated because they can be treated using a fairly calibrated process. On the other hand, it is necessary to pass these questions “quickly done and well done.”
You will not receive any offer at a consulting firm just for cracking a market sizing. However, this type of exercise is challenging for a number of candidates who start too slowly, are hesitant, or too little trained. I hear every year the echo of failures due to this type of reasoning. I suggest you make a point of studying market sizing professionally.
The simplest and most telling is to illustrate a real market sizing.
As you can see, this is nothing very complicated. This is where it spices up: I call this Advanced Market Sizing. In these cases, it will be necessary to make more complicated assumptions in order to move forward. It will not only apply to a framework as in the previous question.
Here is an advanced market sizing illustration, again, taken from my book on the subject, which incorporates selected market sizing examples, including advanced questions, with their full solution.