29 Sep Marketing For Competitiveness Week 6 Discussion
Marketing For Competitiveness
Week 6 Discussion
Market Share
Why are marketing strategies important? Companies use marketing strategies to increase their profitability by growing their market share. A higher market share can create a strong advantage for an organization. If a company releases a product or service for which there is a demand, then that means more people will purchase it (generating more revenue), it will be easier to advertise (reducing ad spending), and it will be more difficult for competitors to compete against (solidifying the organization’s position in the marketplace). Companies rely on effective strategies to increase market share, such as innovating with their products, developing and maintaining good relationships with their customers, and outperforming their competitors. In this Discussion, you will consider how a specific company could benefit from increasing its market share, as well as provide recommendations for how to do so.
To prepare for this Discussion:
- Select a company you are familiar with or one that is well-known that you feel could benefit from increasing its market share.
Post an evaluation of marketing strategies for capturing market share for a company, to include the following:
- Provide a brief description of the company you selected.
- Explain how you think the company could benefit from increasing its market share.
- Justify at least three recommendations that the company could incorporate to increase its market share.
Marketing for Competitiveness
Week 6 Decision
Market Share Approach
Because market share is a key indicator of market competitiveness, it enables executives to judge total market growth or decline, identify key trends in consumer behavior, and see their market potential and market opportunity. Companies can increase their market share through a number of means, including building stronger customer relationships, purchasing their competitors, and pursuing innovative practices. Using these resources, you will explore the market share approach and market share analysis.
· Positive Revolution. (2017, September 18). How to create the mindshare before the market share? Links to an external site. [Video]. YouTube. https://www.youtube.com/watch?v=fHRJUyLgtG8
· RevLocal. (2019, August 20). Ep 14 – What is market share? Links to an external site. [Video]. YouTube. https://www.youtube.com/watch?v=O2jqDi8aiz8
· Riserbato, R. (2021). What is market share and how do you calculate it?Links to an external site. HubSpot . https://blog.hubspot.com/marketing/how-to-calculate-market-share
· Tutor2u. (2016, April 10). Marketing: Calculating market share Links to an external site. [Video]. YouTube. https://www.youtube.com/watch?v=7XifAlvu7-k
Market Share Strategies
The most effective strategy for market-share gain is product innovation. A company can also expand its market share by lowering its prices, strengthening customer relationships, advertising, and increasing quality. Through these resources, you will examine market share strategies.
· Carmichael, K. (2020, February 14). 5 ways to increase your market shareLinks to an external site. . HubSpot . https://blog.hubspot.com/marketing/how-to-increase-market-share
· Cobley, D. (2010, July). What physics taught me about marketing Links to an external site. [Video]. TED Conferences. https://www.ted.com/talks/dan_cobley_what_physics_taught_me_about_marketing?language=en
· Kramer, L. (2019, July 7). What strategies do companies employ to increase market share? Links to an external site. Investopedia. https://www.investopedia.com/ask/answers/031815/what-strategies-do-companies-employ-increase-market-share.asp
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