What term refers to a business's portion of total sales within an industry for a specific product?

Market share refers to the portion of total sales that a company or business controls within a specific industry for a particular product. This metric is crucial because it provides insight into the competitive position of a business relative to its competitors. By understanding market share, businesses can assess their performance, strategize for growth, and gauge market dynamics.

An increase in market share indicates that a business is successfully attracting more customers or outperforming competitors, while a decrease could signal issues such as losing customers or falling behind in innovation and quality. Market share is often expressed as a percentage, representing the company's sales divided by the total sales of the industry.

Other terms mentioned, such as market reach, market volume, and market demand, have distinct meanings that do not directly pertain to a business's portion of total sales. Market reach deals with the extent to which a product or service is accessible to consumers. Market volume refers to the total quantity of products sold within a market. Market demand indicates the desire and willingness of consumers to purchase a product, which also differs from the ownership aspect of sales in a market.