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faust18 [17]
4 years ago
8

What ways you could use to increase market share

Business
1 answer:
Lady bird [3.3K]4 years ago
6 0

Market share can be increased with better customer relationship, innovation and acquisition of competition business.

<u>Explanation:</u>

The business organisation should increase their engagement with customers such as loyalty program which helps to increase the number of returning customers. The price of the product or service have to be fixed in order to provide added value to the customers through this way the business can stay ahead of the competitors.

Niche marketing can be done to increase the market share of the business. Brand positioning is an important step to increase market share. When customers are familiar with the brand they buy from that brand.

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Wally and Pay More Incorporated

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On the other hand, it resulted in a lost revenue (expense) of $3,960 ($4,320 - $360) which Pay More Incorporated could have earned if it had loaned it at the prevailing federal interest rate.  This expense is a compensation expense.

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