Working out the size of a market

[Graham]

How does one go about it?

We've got a little business opportunity that involves buying an existing small business in a particular market, with the aim of expanding what it does and increasing the turnover. One of the first question anyone asks is what is the size of the market. Now are there any hard and fast rules on how to work this out, or is it just a case of what most financial reports seem to do of thinking of a suitable number and talking authoritatively.

now I know one way would be to identify the major players in and around the market area and get hold of there finacial reports, but is there a more formal method

Cheers

G

[nightmare]

bit of a combination...often depends on what the market is...but broadly what you've said!

I tend to research the area to see what facts and figures I can find (for example...we're launching an MRSA product for use in hospitals...there were 14.7m completed surgical consults last year so gives an immediate suggesting of core audience target 1.(then there's maternity, and visitors and staff etc...) but can be trickier in other markets. If not a new product class then financials of current big players is definitely a good plan.....and then lots of talking authoritatively!!

feel free to PM me with details if you want some help

cheers
N

[osteoadam]

i'm in a similar position, patenting a new product in the medical field, of which i am in, but need to find out market values for specific areas. Are there web sites that show this type of information??