Prepare a two- to four-page written answer on “How can a company continue to increase its market position.”
Sample Solution
Introduction
Companies must constantly strive to increase their market position in order to remain competitive. Companies that fail to do so risk being left behind by competitors who are more agile and better positioned in the marketplace. There are many ways for companies to achieve a higher market position, but all require careful planning, strategy development and execution, as well as an understanding of the current and future market conditions they will face. This paper will discuss several key strategies that have been successfully employed in order to reach a superior market position.
Strategies
1) Understand Your Market - The first step towards increasing your company’s market position is understanding the dynamics of your target markets. It is important to identify potential customers and understand their needs and wants before making any marketing decisions or plans. Knowing exactly who your customers are, what products/services they value most, how much they are willing to pay for such goods/services, among other relevant details can help you determine which strategies would help increase your company's overall presence in the targeted markets.