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 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

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

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Answer:

The answer is C

Explanation:

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

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

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.

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

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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

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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:

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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

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
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