RESEARCH ETHICS
COMMERCIALIZATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The percentage of sales a company has.
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Customers of a similar age, income level or social group.
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The best-selling product or brand in a market.
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Information about what consumers want or need.
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The second best-selling product or brand in a market.
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Detailed explanation-1: -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-2: -Market followers expend significant effort playing catch-up – chasing the prevailing winds of a consumer demand over which they have no influence. It’s assumed that being a market leader is harder than being a follower, but market leaders don’t expend resources to play catch-up.
Detailed explanation-3: -Advantages of Being a Market Leader Market leaders possess strong prestige and brand value. Strong brand loyalty also enables them to not only retain existing customers but also attract new ones.