Market share
Market share is the percentage of total sales in a market that is attributed to a particular business.
It shows how much of the market a business controls compared to its competitors.
The formula for market share is:
$$\text{Market Share} = \frac{\text{Business Sales}}{\text{Total Market Sales}} \times 100$$
Apple's dominance in the smartphone market showcases its ability to attract and retain customers despite fierce competition.
Businesses with significant market share often have greater influence over market trends, pricing, and customer preferences.
Walmart's large market share in retail allows it to negotiate better deals with suppliers, offering lower prices to customers.
Higher market share can lead to economies of scale, reducing production costs and increasing profitability.
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