Share of wallet is a terminology that is used by companies to assess how much each customer spends on particular brand products apart from similar products by other brands. In other words, it assesses the brand loyalty of customers.
Assume in the automobile industry, there are 4 brands; Nissan, Toyota, Honda, Fiat, each has a 25% market share. Honda started a new marketing campaign aimed at increasing the share of wallet by introducing cruise control features in new models at the same price. If this makes the customers of 3 competing brands buy Honda cars instead of their previous brands, then Honda is said to have accomplished its goal of sharing the wallets of customers from competing brands.
Refer to the data given in Exercise 1–7. Answer
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