What describes the concept of increasing market share as a business objective?

Increasing market share as a business objective involves the goal of acquiring a larger percentage of sales within a specific market compared to competitors. Meeting consumer demands effectively is essential in achieving this objective because it directly influences customer satisfaction and loyalty. When a business aligns its products and services with the needs and preferences of its consumers, it is more likely to attract new customers and retain existing ones. This alignment can lead to increased sales, thereby boosting the business's market share.

To illustrate, if a company responds to consumer trends by improving product quality or introducing new features that appeal to its target audience, it is likely to attract more customers, contributing positively to its market share growth. This approach emphasizes understanding and catering to consumer preferences, which is a fundamental strategy in competitive markets.

Other choices, such as limiting production outputs or reducing the number of products offered, do not align with the objective of increasing market share, as these actions may instead restrict the company's ability to compete effectively in the market. Similarly, maintaining existing sales levels does not contribute toward growth in market share, which requires an active effort to engage with consumers and increase sales beyond current levels.