How can the assessment of market growth contribute to growth strategies?

Not comparing a product to the industry leader can lead to a lack of understanding of the market dynamics and the competitive landscape. It can result in missed opportunities for improvement and innovation, and can also lead to a failure in identifying threats and challenges. This can ultimately impact the product's market position and profitability.

The assessment of market growth and market share can provide valuable insights into an organization's current capabilities. Market growth can indicate the potential for expansion and profitability, while market share can reflect the organization's competitive position within the industry. By comparing the product against top competitors (total market share) and the industry leader (relative market share), an organization can gauge its strengths and weaknesses, and strategize accordingly.

Relying solely on total market share for assessing a product's success can be misleading. It does not take into account the size of the market, the growth potential, or the profitability of the market. It also does not consider the relative position of the product compared to its competitors. A product may have a large market share, but if the market is small or not profitable, the product may not be successful. Similarly, a product may have a small market share in a large, growing, and profitable market, and still be very successful.