MANAGEMENT

Detailed explanation-1: -There are a number of strategies a company can put to work to increase market share. These include improving innovation, building and solidifying customer loyalty, employing a talented, dedicated workforce, acquiring other companies, deploying effective advertising, and pricing products and services efficiently.

Detailed explanation-2: -Increasing market share is the ultimate goal of any business. Market share growth is an unavoidable objective of a comprehensive marketing plan. Tracking the company’s rate of new customer acquisition is an effective way to gauge a marketing plans contribution to growing market share.

Detailed explanation-3: -An increase in a company’s market share can allow the company to operate on a greater scale and increase profitability. It also helps the company develop a cost advantage compared to its competitors.

Detailed explanation-4: -While the primary goal of marketing is to generate revenue, marketing achieves this desired state through a unique approach as compared to other business units such as sales or customer service. Awareness: Target audience knows your brand and solution.