Final answer:
Having a large market share can lead to increased brand recognition, customer loyalty, and lower production costs.
Step-by-step explanation:
A large market share can have a significant impact on a business. It can lead to increased brand recognition and customer loyalty, which can result in higher sales and profits. Having a large market share can also provide economies of scale, allowing the business to lower production costs and offer competitive prices.
For example, a company like Apple has a large market share in the smartphone industry. This allows them to invest heavily in research and development, marketing, and distribution, giving them a competitive advantage over smaller competitors.
However, there can be drawbacks to having a large market share. It can attract regulatory scrutiny and antitrust concerns, as well as increased competition from rival firms who are looking to gain market share.