Meaning of the word "market presence" in English

What does "market presence" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

market presence

US /ˈmɑːrkɪt ˈprɛzəns/
UK /ˈmɑːkɪt ˈprɛzəns/

Noun

the extent to which a company or product is known and available in a market

Example:
The company aims to increase its market presence in Asia.
A strong market presence is crucial for business growth.