Market share is the competitors’ share of the target market which may be calculated as Market Share = Firm’s Sales / Total Market Sales.
Mind share is calculated by the percentage of consumers who identified the competitor when responding to a question asking them to name the first company they think of when thinking of a specific industry.
Heart share is calculated by the percentage of consumers who identified the competitor when responding to a question asking them to name a company from whom they would prefer to buy a product.
Analyzing the relationship between these three measures can assist a company in focusing on weak areas for improvement and strong areas for leverage.