Question content area Part 1 The potential market represents all active duty military members, all veterans, and their families. Assume that according to the United States Department of Defense, as of December 31, last year there were 1 comma 361 comma 597 active duty personnel in all armed services. The veteran population totaled 21 million last year. Assuming the average cost of life insurance is $750 per year and that potential customers purchase one policy per year, use the chain ratio method to calculate the market potential for life insurance in the military market. Hint: see the Market Potential and Sales Estimates section of Appendix 3 Marketing by the Numbers in your textbook. Part 2 The number of buyers in the market can be estimated as 22,361, 597. (Round to the nearest whole number.) Part 3 The market demand is estimated as $16.77 million. (Round to the nearest whole number.)
Question content area Part 1 The potential market represents all active duty military members, all
veterans, and their families. Assume that according to the United States Department of Defense, as of
December 31, last year there were 1 comma 361 comma 597 active duty personnel in all armed services.
The veteran population totaled 21 million last year. Assuming the average cost of life insurance is $750 per
year and that potential customers purchase one policy per year, use the chain ratio method to calculate
the market potential for life insurance in the military market. Hint: see the Market Potential and Sales
Estimates section of Appendix 3 Marketing by the Numbers in your textbook. Part 2 The number of buyers
in the market can be estimated as 22,361, 597. (Round to the nearest whole number.) Part 3 The
market demand is estimated as $16.77 million. (Round to the nearest whole number.)
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