Questions and Answers
We find it very difficult to determine our market share. Will this be a detriment to successful Strategic Planning?
While the lack of great precision in determining your market share will not preclude successful planning, it is important to realize why knowledge of your relative share is important. There is a proven correlation between profitability and strong market share, regardless of the size of a company. Smaller companies must focus on smaller markets, which is largely a function of market definition. Thus, while precision in determining market share is not critical, if you estimate your share to be quite small, you may need to re-examine whether the definition of your market is sufficiently precise and well focused. Often you can increase market share by giving up unproductive areas of a market, thus achieving tighter focus for your attention and energies.
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