Business – 3.1 The nature of marketing – Markets | e-Consult
3.1 The nature of marketing – Markets (1 questions)
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Answer 2: The market growth rate measures the percentage change in market size over a period.
Formula: Growth Rate (%) = [(Market Size at End of Period – Market Size at Start of Period) ÷ Market Size at Start of Period] × 100
Applying the figures:
- Start (2022) = £850 million
- End (2023) = £950 million
Growth Rate = [(950 – 850) ÷ 850] × 100 = (100 ÷ 850) × 100 ≈ 11.76 %