The assessment of total market share and relative market share can significantly influence business decisions. Total market share provides a comparison of the product against top competitors, giving an understanding of the product's position in the market. On the other hand, relative market share compares the product to the industry leader, providing insights into the product's standing against the best in the industry. These assessments can guide strategic decisions, such as product development, marketing strategies, and pricing decisions, to improve the product's market position.
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