Chapter 11 -- summary
To prepare an effective marketing strategy, a company must study competitors as well as actual potential customers. Companies need to identify competitors strategies, objectives, strength, and weaknesses.
A company to close its competitors are they seeking to satisfy same customers and needs and making similar offers. A company should also pay attention to latent competitors,
who may offer new or other ways to satisfy the same needs. A company should identify competitors by using both the industry and market based analysis.
A market leader has the largest market share in the relevant product market. To remain dominant, the leader looks for ways to expand total market demand, attempts to protect its current market share, and perhaps tries to increase its market share.
A market challenger attacks the market leader and other competitors in an aggressive bid for more market share. Challengers can choose from five types of general attack; challengers must also choose specific attack strategies.
A market follower is a runner up firm that is willing to maintain its market share and not rock the boat. A follower can play the role of counterfeiter, cloner, imitator, or adapter.
A market nicher serves small market segment not being served by larger firms. The key to nichemanship is specialization. Nichers develop offerings to fully meet a certain group of customers needs, commanding a premium price in the process.
As important as a competitive orientation is in today's global market, companies should not ever do the emphasis on competitors. They should maintain a good balance of consumer and competitor monitoring.
To prepare an effective marketing strategy, a company must study competitors as well as actual potential customers. Companies need to identify competitors strategies, objectives, strength, and weaknesses.
A company to close its competitors are they seeking to satisfy same customers and needs and making similar offers. A company should also pay attention to latent competitors,
who may offer new or other ways to satisfy the same needs. A company should identify competitors by using both the industry and market based analysis.
A market leader has the largest market share in the relevant product market. To remain dominant, the leader looks for ways to expand total market demand, attempts to protect its current market share, and perhaps tries to increase its market share.
A market challenger attacks the market leader and other competitors in an aggressive bid for more market share. Challengers can choose from five types of general attack; challengers must also choose specific attack strategies.
A market follower is a runner up firm that is willing to maintain its market share and not rock the boat. A follower can play the role of counterfeiter, cloner, imitator, or adapter.
A market nicher serves small market segment not being served by larger firms. The key to nichemanship is specialization. Nichers develop offerings to fully meet a certain group of customers needs, commanding a premium price in the process.
As important as a competitive orientation is in today's global market, companies should not ever do the emphasis on competitors. They should maintain a good balance of consumer and competitor monitoring.
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