Gaining Market Position
An important function of marketing is to drive the growth of company sales and revenue. Good marketing can help to attract consumers, induce them to try out the company’s products, and promote word of mouth and diffusion.
A company’s market position can be defined on three dimensions:
Share of market. Market share is measured by the company’s sales revenue or the number of company units sold relative to the total revenue or total units sold in a specific market.
Share of mind. This is defined by the percentage of customers who regard the company as the first company that comes to mind in a specific industry.
Share of heart. The percentage of customers who name the company as the company from which they would prefer to ...
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