Estimate the potential sales for this good/service. What factors did you consider in arriving at this estimate?
Support your estimate with detailed reasoning and the calculations undertaken. Guidance: This sub-component of the project is intended to sensitize the student to the challenges and difficulties associated with ‘sales forecasting' in the real world.
In order to obtain financing for an entrepreneurial initiative, an attempt must be made to generate reasonable sales (and subsequently profit) projections.
The team is expected to come up with a specific number (in either dollars or units) as a projection for maximum possible first-year sales. Your professor is not nearly as concerned about the actual number as s/he is about the thinking and logic that was used in deriving it. Here is the demographic: Gepgraphy: Canada Target market type: Business to Customer
1. Target market type: Business to Customer a. Description i. They are married, between the ages of 30 and 60, are home owners. These are people who are of working age, well established financially. They have the means to afford multiple sensors, a smartphone to control the system and are users of social medias, blogs and internet overall. They are also quite active with work and/or multiple activities and are not always home.