a team of analysts at amazon is researching the viability of producing a smart watch. how might they estimate potential demand for their smart watch? a. consider the four-step process that many companies follow to estimate the market demand curve for their product. place the steps in order, with the first step in the highest position and the last step in the lowest position.

To estimate the potential demand for their smartwatch, Amazon’s team of analysts would typically follow a four-step process to estimate the market demand curve for the product. The steps, in order from first to last, are:

1. Survey customers : Collect data by surveying a sample of potential customers to understand their willingness to buy the smartwatch at different price points.
2. Add up the total quantity demanded at each price point : Aggregate the quantities demanded by the surveyed customers for each price level to estimate total demand.
3. Scale up the quantities demanded by the survey respondents : Adjust the survey data to represent the broader market by scaling up based on population or target market size.
4. Plot the demand curve : Use the scaled-up data to construct the market demand curve, showing the relationship between price and quantity demanded.

Additionally, analysts should consider factors like existing competition in the market and consumer demographics (age, income levels) since these influence demand for smartwatches

. This structured approach helps Amazon estimate the total market demand and understand how price changes might affect sales, aiding in strategic decisions about production and marketing.