Description automatically generated

Market share plays a crucial role in a life of every successful business. It is the KPI when it comes to seeing how much a certain product makes compared to the whole industry. 

Why is market share crucial in modern business?The first thing that business owners and marketing leaders want to know when they develop a new product or improve the existing product is how well the product is performing and how well its being taken by the customers. Overall, market share index controls success of a certain product on a market. 

A picture containing text
Description automatically generated

What controls market share? There are quite a few things that marketing leaders take into account while analyzing market share: demand, market size, economic indicators, pricing, location, and market saturation. Demand means the popularity of the product among customers. Market sizemeans how many people are interested in the product or service. Market saturation means how many other options the customer has when it comes to the same product. is the cost of the product. Location means where the market is situated, how close it is to shoppers. Economic situation refers to the income of the territory where the business is located. 

Chart, pie chart
Description automatically generated

Can we run a successful business without knowing its market share? The short answer is “No”.  Market share is being used to figure out how well certain products are performing on the market in order to increase profit of the companies as well as provide the best products possible for the consumer. 

Leave a Reply

Your email address will not be published. Required fields are marked *

Verified by MonsterInsights