Market share is “an indicator of how well a firm is doing against its competitors.
Competition is a situation in the business environment where several businesses
with more or less the same products / services compete for the support of the same
consumers or customer segments. The development of competition is one of the
main reasons that has resulted in the development and evolvement of the field of
marketing. As the world grows smaller, more businesses are established and
consequently spread themselves to all parts of the world, creating an even greater
challenge for the art and science of marketing and its stakeholders.
Using the above statement as your basis, and a company of your choice as an
example, critically discuss why it is important that marketers study the business
environment within which they operate, including their competitors.
Talking about this question then, it is important for the marketers to study the business environment and it helps the organization in improving the productivity of work. It helps the marketers in knowing what the market demands and what is being liked by the customers. Marketers understand the needs and wants of the customers, and by analysis the environment, marketers helps the company in designing products.
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