Define "market share."

Market share is defined as the percentage of an industry's sales that a particular company controls. This measure provides insight into the competitive position of a company within its industry. By assessing market share, businesses can evaluate their size relative to competitors and understand their influence in the market. It indicates how well a company is performing in relation to others and can influence business strategies, marketing efforts, and competitive analysis.

For instance, if a company has a significant market share, it suggests strong brand recognition and customer loyalty, whereas a smaller market share might indicate challenges in competitiveness. Understanding market share is essential for businesses to strategize effectively, identify growth opportunities, and allocate resources for marketing and operations.