What is the market potential and market share of the competition?

Question

Accepted Answer

Market potential and market share of competition are key factors to consider for strategic planning and decision-making.

Market potential refers to the total possible sales revenue that can be generated by all companies in a specific market segment. It is important to assess the size of the market and the growth potential.
Market share is the percentage of total sales in a market that is captured by a company. It is crucial to analyze the market share of competitors to understand their strengths and weaknesses.
Competitive analysis helps in identifying opportunities for growth, potential threats, and areas for improvement in order to develop effective strategies to increase market share.
Examples of tools used for analyzing market potential and market share include SWOT analysis, Porter's Five Forces, and market research reports.
Tracking market trends, consumer behavior, and competitor strategies can provide valuable insights for decision-making and staying competitive in the market.

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