market-share

Vocabulary Word

Definition

'Market share' is a business term. It describes the percentage of an industry's total sales that a particular company earns. Basically, how much of the 'business pie' you have compared to others.

Examples in Different Contexts

In software, a company with a large market share is often seen as a leader. They have managed to convince a larger portion of customers to use their product over others.

Practice Scenarios

Tech

Scenario:

With the surge in popularity of our competitors' new device, we need to strategize how to uphold our strong position in the marketplace.

Response:

Let's focus on superior customer service and technological innovation to steadily increase our market share.

Business

Scenario:

Our company's performance hasn't been as robust as we initially expected. Let's discuss measures to improve our standing in the industry.

Response:

Following a thorough analysis, boosting our product quality seems to be the best course for enhancing our market share.