management- marketing
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8 Terms
market
the market = actual buyers + potential buyers
marketing
marketing = value creation + communication
define market
market is the set of actual and potential buyers who share a need for a need for a product or service, facilitated by an exchange process
define marketing
marketing involves promoting and selling products or services, and includes activities such as market research and advertising
define market size
market size is the total sales potential or revenue opportunity available to all companies operating within a defined industry or segment
define market share
market share is the percentage of total sales in an industry generated by a particular company
differences between market size and market share
market size helps businesses understand the potential for growth, expansion, and commercial viability
market share is used to gauge a company’s competitiveness and relative standing in the market compared to its rivals.