MANAGEMENT

Detailed explanation-1: -Consumers trust market leaders and will choose to minimize risk by purchasing from market leaders. Market leaders have a detailed awareness of the purchasing decision-makers in their customer base and leverage aggressive advertising to take advantage of that knowledge while strengthening their brand.

Detailed explanation-2: -A market leader tends to outperform its competitors in metrics that measure business success. The metrics include brand loyalty, distribution coverage, image, price, perceived value, profitability, promotional spending, etc. They can influence aspects, such as distribution, positioning, etc.

Detailed explanation-3: -Definition: A market leader could be a product, brand, company, organisation, group name which has the highest percentage of total sales revenue of a particular market. Market leader dominates the market by influencing the customer loyalty towards it, distribution, pricing, etc.

Detailed explanation-4: -A market leader company might be the first one to develop a particular product or service. This aspect would actually give it the power to define the product characteristics, decide the tone of the product, etc. Examples of market leaders are Amazon and Apple.