MANAGEMENT

Detailed explanation-1: -Goals of market share objectives 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-2: -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-3: -The four Ps are a “marketing mix” comprised of four key elements-product, price, place, and promotion-used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience.