what is the importance of knowing how to compute the market share in a business​

Answers

Answer 1

Answer:

Simply put, market share is a key indicator of a company's competitiveness. When a company increases its market share, this can improve its profitability. This is because as companies increase in size, they too can scale, therefore offering lower prices and limiting their competitors' growth.

You can determine a company's market share by dividing its total sales or revenues by the industry's total sales over a fiscal period.
It's important to calculate and understand market size for several reasons. First, entrepreneurs and organizations can use market sizing to estimate how much profit they could potentially earn from a new business, product or service. This helps decision-makers to decide whether they should invest in it.

Answer 2
Knowing your customer is key for any business endeavor. Successful business owners understand what their customers want and the most effective way of making their product or service available. The depth of knowledge is also crucial it requires knowing more than their names, ages and incomes. As a business owner, knowing your customers hobbies, tastes and interests along with what they watch, listen to and read can be a profitable advantage.


Hope this helps ^v^

Related Questions

How do trade agreements of international organizations affect trade? by incentivizing the development of trade policies by eliminating tariffs and taxes on imports and exports by encouraging countries to provide open access to trade by helping smaller countries compete in the world market

Answers

A trade agreement (sometimes known as a trade pact) is a comprehensive tax, tariff, and trade treaty that frequently contains investment guarantees.

What are the benefits of international trade and agreement?

Some of the advantages of a trade agreement include reduced tariff barriers, increased exports, economies of scale, increased competition, use of surplus raw materials, and so on. These are some of the benefits gained by international traders as a result of trade agreements.

Thus Option C is correct about the trade agreement.

For more information about the Trade agreement refer to the link:

https://brainly.com/question/4558120

Answer:

How do trade agreements of international organizations affect trade?

by incentivizing the development of trade policies

by eliminating tariffs and taxes on imports and exports

by encouraging countries to provide open access to trade  The answer

by helping smaller countries compete in the world market

Kelly is purchasing a property that has an assessed value of $160,000. If the tax rate is 2.5%, what will Kelly likely pay annually in property taxes

Answers

Given that the tax rate is 2.5%, then, the amount that Kelly will likely pay annually in property taxes is $4,000.

What is a property tax?

This is a type of tax imposed on the purchase of property in a particular region.

Given data

Assessed value is $160,000

Tax rate is 2.5%

Tax payable = $160,000 * 2.5%

Tax payable = $4,000

Therefore, the tax payable on the property is $4,000.

Read more about property tax

brainly.com/question/25844719

What does an environmental management technician do?.

Answers

An environmental management technician works collaboratively with faculty, staff and students to promote proper handling of chemicals and chemical wastes and safety practices in areas where chemicals are in use. They perform laboratory and field tests to monitor the environment and investigate sources of pollution, including those affecting health. Many work under the supervision of environmental scientists and specialists, who direct their work and evaluate their results.

How does your state’s on-time payment record compare to the national rate?

Answers

It should be noted that my state’s on-time payment record is high compare to the national rate.

What is a credit score?

A credit score serves as a numerical expression based on a level analysis of a person's credit files.

This is a term that to represent the creditworthiness of an individual after his account has been checked.

learn more about credit score at;

https://brainly.com/question/11421834

2. What does a correlation coefficient of 0.76 between two assets indicate?
(1 point)

Answers

Answer:

The two assets are highly correlated

Explanation:

Just took the test

The three dimensions of a firm's relationships with customers include all the following EXCEPT: a. affiliation. b. reach. c. exclusiveness. d. richness.

Answers

Answer:

The answer is C

Explanation:

Hope this helps:)...if not then sorry for wasting your time and may God bless you:)

Undue influence cases often involve a relationship of trust and confidence between the contracting parties.
a. True
b. False

Answers

True

why?

-cuz I just know
Other Questions
Find the value of X round your number to the nearest tenthsExplain it please Federal appeals courts are also known as circuit courts. True or False? Many mammals whose diet includes a great deal of leafy plant matter have extra compartments or extensions of their digestive tract that are not present in similar mammals that do not eat leaves. The function of the extra compartments is to Group of answer choices A. Increase surface area for absorption of nutrients into the blood B. Provide an area for their symbiotic bacteria to live C. Provide an area to store the leafy matter before digestion D. Provide an area to store water required for digestion 5 and 1/3 divied by 2 and 2/9 Sonia earned $2,100 at her uncle's orchard. if she worked for 70 weeks and earned the same amount of money each week, how much did she earn per week? Why is walking away refusal skill that doesnt always work 1.1 Based on this excerpt from her novel, Mary Shelley seems to express the viewthat science -A is capable of producing miraculous resultsB offers solutions to the limitations of human mortalityChas the potential to be used for misguided intentionsD advances more quickly than our ability to understand it 288 feet75.36 feet37.68 feet24 feet HELP ASAP Mr. Rodriguez asked 60 randomly chosen students from each grade level at Willowbrook School about their favorite types of reading materials. Of those 60 students, 12 chose science fiction. Mr. Rodriguez used the data to draw the inference that about 20% of middle school students prefer to read science fiction. If 150 students attend the school, did he make a reasonable inference? Explain Which of these would be considered a natural resource? A) coal B) computers C) furniture D) pizza what would happen if you put vegetable oil and ice cubes into a beaker together? what would happen if you left it on the counter overnight? What is one common characteristic of legends?They take place in modern times.They contain exaggerated facts.They take place in a different universe.They explain how to do or make something. help please!!4Which of the following sentences quotes this passage correctly?A. James states. Plough snails) eat dead fish and other dead animals that wash up on the beach" (20).B. James explains. The snails stick into dead animals tubes that are like straws (20). C James informs Plough snails eat so much in one meal that one feeding keeps them going for twoweeks (20)OD. James writes. Plough snails] can detect even the tiniest amount of dead animal particles in the water(20)ResetSmit Determine whether each of these sets is countable or un- countable. For those that are countably infinite, exhibit a one-to-one correspondence between the set of positive integers and that set. a. integers not divisible by 3 b. integers divisible by 5 but not by 7 c. the real numbers with decimal representations con- sisting of all 1s d. the real numbers with decimal representations of all 1s or 9s Which of the following shows the correct solution steps and solution to 7x- 4 = -182 7x - 4 = -18 71 - 4+4= -18 + 4 72 = -14 A. 72 -14 7 7 = -2 70 4= -18 72 - 4+4= -18 + 4 70 = -14 7x - 14 -7 -7 B. = 2 Explain how the number of chromosomes per cell is cut in half during meiosis in which the diploid parent cell produces haploid daughter cells.please help short answer, please 50 points please don't copy my life depends on this What is the pattern; 1=4 2=4 3=64 4= ? the sum of a minutes and b seconds, expressed in minutes, is: What causes Jonna to rake leaves?A. She wants her parents to let her go to the movies.B. Her dad makes her do chores on Saturdays.C. She needs money to buy the bike she wants.D. Her dad wants her to help the family make money. Based on the ksp experiment describe a way to soften water by removing calcium ions