Market by a particular service, product or company. For,

Market
share is the percentage of the market controlled by a particular service,
product or company. For, every business, the end goal in mind is to increase
its market shares. It is very important for a business to be able to do so in
order to measure the particular growth of the business in due time. This method
of measurement is preferred since it doesn’t rely much on macroeconomics and
factors exterior to the business. With the attainment of set market share, the
company then strives to maintain that particular market share.

            There are several ways, which the
company can be able to maintain its market share in the case of a new
competitor. The first method is through market fortification. This is basically
filling the market gaps that were once not considered relevant by increasing
different products for different clients’ needs. This helps in keeping the customers
close from a variety of products readily and newly available. The limitation of
this, however, is the fact that more products call for more attention and more
care, especially in the case of a pharmacy. The expenses incurred on this might
trickle down a long way into the profits. Another means may be the
confrontation strategy where the major market may indulge in price-cutting,
promotions, and discounts to teach the newbie competitors a lesson. This is a
method that definitely does the trick on maintaining market share of a
particular company. However helpful it might be, it may resort to harassment
like in the case of pressing suppliers not to do business with the competitor
to avoid losing its goodwill. Also, it contributes very little to social welfare
and integrity of the business. Another means might be through product
innovation. Introduction of new products to the company is a splendid way to
remain relevant. It is wise to be able to move as the market does: introducing
new products that will make clients remain in the company. However, it is very
expensive.

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