Final answer:
Market share is the percentage of sales a brand holds in a market, reflecting its competitiveness. Monitoring market share is crucial for businesses to assess their performance.
Explanation:
Market share refers to the percentage of sales in a market that a brand captures. It indicates the brand's presence and competitiveness in the market.
For example, if Company A has a 30% market share in the smartphone market, it means that 30% of all smartphone sales are attributed to Company A.
Monitoring market share helps businesses track their performance and understand their position in relation to competitors.
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