BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The percentage change in the total market size over a period of time.
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The use of the 4 Ps of product, price, place and promotion in the marketing.
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A firm with the highest market share in a given market.
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The total sales of all firms in a market
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Detailed explanation-1: -The “market size” is made up of the total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate. It’s important to calculate and understand market size for several reasons.
Detailed explanation-2: -Tip. Market size refers to the total amount of sales or customers in a given industry over a given period of time, often a single year.
Detailed explanation-3: -Total sales is a key performance indicator (KPI) used by sales departments to track the total amount of revenue generated from sales over a given period of time. It’s also referred to as total revenue and is a good measure of business health.
Detailed explanation-4: -Alexa defines market size as “the number of individuals in a certain market segment who are potential buyers.” More technically, it’s the total number of potential customers or sales in a given period (usually a year) or the total potential revenues you can reach in that time.