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Gymshark was founded by school friends Ben Francis and Lewis Morgan in 2012. [10] Both aged 20, they set up the brand while studying at university. [11] Francis studied at Aston University [11] before dropping out, and worked as a delivery driver for Pizza Hut when he first established the company.
[1] Additionally, market share is a key metric in understanding performance relative to the growth of the market as measurement of internal sales growth (or decline) only may be a result of similar growth or declines in the industry being measured. [2] Increasing market share is one of the most important objectives [according to whom?] of business.
Market share analysis is a part of market analysis and indicates how well a firm is doing in the marketplace compared to its competitors. Givon, Mahajan, and Muller have researched spreadsheet and word processing software firms to give a clearer image of how to determine market share in the software industry .
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Serviceable obtainable market (SOM), share of market, or Target Market, is the percentage of SAM which is realistically reached. [ 2 ] For example, the total UK consumer expenditure on food in 2014, which is the total addressable market of food, was £198 billion (including catering, alcoholic drinks, non-alcoholic drinks and other foods). [ 3 ]
In 2012, aged 19, he launched Gymshark in his parents' garage with school friend Lewis Morgan. [9] [12] The website initially sold fitness supplements. [14]Unable to afford to buy stock or secure distribution deals with supplement suppliers, he began dropshipping supplies from other vendors and it took him six weeks to make his first sale. [17]
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.
Timing is key to successful market growth; this can be dependent on the overall market welfare, the business's competitors, and current events. Questions, brainstorming, and discussions can help distinguish whether it is the best time for market growth. These can include questions surrounding market share increases or decreases.