Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the chain ratio method, estimate the market potential for life insurance in the military (active duty and veterans) market for a country. Assume

 

Using the chain ratio method, estimate the market potential for life insurance in the military (active duty and veterans) market for a country. Assume that there are 20,100,000 veterans. Additionally, the number of active duty personnel is 1,327,262. The percentage of the population that has life insurance is 56%. Also assume the average price for a for life insurance is $1,000 and veterans and active duty personnel will purchase only one life insurance policy. The number of buyers in the market can be estimated as (Round to the nearest whole number.)

Step by Step Solution

3.45 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

First we need to calculate the total potential market size by adding the number of ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Marketing An Introduction

Authors: Gary Armstrong, Philip Kotler

13th edition

013414953X, 978-0134149530

More Books

Students also viewed these Accounting questions