Estimate the value of your market. Market value is the potential revenues the market has to offer. For instance, suppose lowweight mountain bicycles have a market size of 300,000 units a year with a $500 average price. Then the market value would be $150,000,000. It can be difficult to estimate the market value as you must make assumptions related to market size and average unit price. Use the expected value concept introduced in Chapter 6 of the textbook and the chart below to do the estimation. I am doing it on FRESH LY see the website https:ilwww.freshly.com Please ll out BELOW THANK YOU! Expected Market Value: Mountain Bicycle Scenario Assumptions Probability p(x} Units ['000) Avg. Unit Price {$} Market Value (5000) Pessimistic Most Likely Optimistic Expected Market Value ($000) Estimate the total addressable market or TAM. This is the fraction of the total market you realistically estimate to get. Most businesses have a relatively modest market share, well under 20%. For example, if we expect to get a 5% share of the mountain bicycle market, then our TAM would be: 0.05 * $102,110,000 : $5,105,500 or approximately $5.1 million