You calculated that 15% of $500,000 is $75,000. This is the correct answer.
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You calculated that 15% of $500,000 is $75,000. This is the correct answer.
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| Lesson 8 Screen 5 | |
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Your Piece of the “Pie” According to market analysts, Fossil, Inc. sells four out of every ten watches that are sold in the US. This means that Fossil currently has a “market share” of 40% and all the other US watchmakers together have a market share of approximately 60%. Percentage of market share is a key factor that tells how well a company is doing. But in order to adequately understand the value of a certain market share, it is necessary to know the size of the entire market. Let’s use an example. Suppose you took a survey and determined that people in your area spend $500,000 a year on pet grooming. If you start a pet grooming business and rack up sales totaling $50,000 a year, your percentage of market share would be 10%. But let’s suppose you now want to grow the business. |
If you want to increase you market share to 15%, what would be your new goal for annual sales? |
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