What is the primary goal of a business seeking to increase market share?

The primary goal of a business seeking to increase market share is to increase its percentage of total sales in a market. By enhancing market share, a business aims to establish a stronger presence within the industry, potentially leading to higher revenues and profitability. This process often involves attracting new customers or persuading existing customers to choose their product over that of competitors. A larger market share can also afford the business greater leverage in negotiations with suppliers, the ability to invest in marketing and innovation, and more resilience against market fluctuations.

Other options do not focus on the central objective of market share. For instance, reducing the number of employees might cut costs but would not directly contribute to increasing market share. Eliminating all competition is typically impractical and contrary to many legal regulations in many markets. Focusing solely on product quality, while important, does not guarantee increased market share as effective marketing and competitive pricing also play crucial roles in attracting customers.