MGD421H5: Technology Entrepreneurship

It is important to distinguish market research from industry research.

• Market research typically focuses on customer for your products. 
• Industry research, on the other hand, typically focuses on sellers or provides of a product or a service and the network or relationships that exist between them.

However, when it comes to sourcing information and resources, you will be using both market and industry research sources!

There are two core approaches used for market sizing estimation:

• Bottom-up: involves counts of your target population and at its simplest, calculating their likely spend on your items or service on an annual or lifetime basis. This approach could also include compiling estimates of sales revenues of major players in a market to add up to total market size. This approach may be used when published market research does not exist or is a poor fit.
• Top-down: involves starting with a global market estimate published by a third-party vendor (e.g. Gartner, Passport GMID or eMarketer) and then slicing and dicing that market based on your product or service and your target market. This approach is typically less accurate.

Ideally, you should use both models and see how they compare.