Question

Assume your company’s sales increased from $3 million last year to $10 million this year. However, your biggest competitor is still the market leader with a 40% share of the $200 million widget market. Your other four competitors had sales this year of $53 million, $38 million, $12 million, and $7 million, respectively. For this year, what is your company’s MARKET SHARE? Type only a number along with a $ or % (if appropriate). Dollar amounts should be rounded to the nearest cent; percentages to the nearest tenth. *

Answer 1

Answer: 5%

Step-by-step explanation:

The market share for the company will be gotten using the formula:

= Sales generated by company / Total industry sales × 100

= 10/200 × 100.

= 5%

Therefore, the company's market share is 5%