WHAT IS MARKET SHARE?
Market share is the percentage of a market dominated by a certain business or company over a particular period of time. It is calculated by measuring the company’s sales within a time and dividing it by the total sales of the industry over the same period of time. It is one of the main measures businesses use to know how well they are doing versus competitors.
Why is market share important to a business? Having a larger market share gives your business a competitive advantage. You may get discounted prices from suppliers due to larger orders thus, reducing your cost of production.