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About the Author: Markskrill
What does “Market Share” mean in business jargon
Ever felt like a little krill in a big ocean, wondering how you stack up against the sharks? That's where market share comes in. It's a measure of how much of the total market your business controls.
Think of it like this: the ocean is the market, and all the fish in it are your competitors. Your market share is the percentage of fish that you can catch.
Now, there are a few ways to calculate market share.
One way is by revenue. Let's say the total market for your product is worth $100 million. If your company's revenue is $10 million, then your market share is 10%.
Another way is by units sold. If the total number of units sold in the market is 100,000 and your company sold 10,000 units, then your market share is again 10%.
Market share is important because it can give you an idea of how well your business is doing compared to your competitors. It can also help you to set goals and track your progress.
So, there you have it, mates. A simple explanation of market share. Now go out there and catch some fish!
References
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