PART 1: THE PLANNING FUNCTION II Question 1 If market research shows that the consumers of a new Apple Sauce product are people who live in the urban areas (80% of the population), are between the ages of 5 and 35 years old (45% of the population), come from a high-income household (20% of the population). Also, statistics shows that the total population in the United States is 250,000,000. You are expected to answer the following questions and show your workings clearly. (8 points) a) As the agribusiness manager of the organization, you are expected to estimate the size of the market for this new product. What is the name of the approach you would use? b) What is the size of the market? c) If each of these consumers in the target market are buying an average of 2 pack of apple sauce per month at $20 per pack, what is the total annual market potential? d) If the organization feels they will obtain 15% of the market share in the first year of the product launch, what is the sales forecast in the first year