Skip to main content

Market share & how to increase market share?

By
Market share:
The percentage that a company has of the total sales for a particular product or service

The way of increase market share:
Obviously, quality – both quality of product and service – is paramount. But there are a number of tactics you can use to increase your market share, and each involves increasing your company's relative power, uniqueness, or indispensability in the customer relationship. In our experience, you should concentrate on tactics that fall into any or all of these four general categories:

1. Customization of services or products -- When you build a high-end, custom-built service round the additional commodity-like product or services you're commerce, then you'll produce shift prices that increase the customer's temperament to still modify you instead of bidding out the contract at each chance. Ideally, you'll lock the client into a "learning relationship," however typically terribly price-oriented customers are cautious of permitting such relationships to develop. The trick here is to make sure that the high-end services you develop will solely be duplicated by your competitors with nice effort, notwithstanding they're taught earlier (and they'll be – by your customer!).

2. Perpetual, cost-efficient innovation -- To the extent that you simply will keep prior your client with innovative product or service concepts, you may perpetually have one thing to sell. Your structure mission should center on being nimbler, additional inventive and efficient – all at identical time. however the worth you're extremely conveyance to the client here is innovation – not the merchandise themselves. understand that a lot of robust customers can do their best to soak up your innovation so as to try to to it themselves, or maybe even to publicise it to your competitors. In either case their motive is to regain their negotiating power in managing you. therefore perpetual innovation is simply that – perpetual. If you'll be able to keep the wheels spinning quick enough, and only if you do not lose management of your prices, then you'll be able to safely cope with terribly robust patrons

3. Personal relationships within the customer organization -- In the end, businesses don't have any brains and build no selections. solely individuals build selections, and folks square measure each rational and emotional naturally. The people among your own organization ought to have personal relationships with the people among your customer's organization. In your business, this may mean developing relationships with the planning engineers et al. among a customer's organization that square measure chargeable for exploitation your steel pipes in no matter final product they're producing. Or, it might mean merely attempting to migrate up the chart, in order that your company will have a relationship with a lot of senior individuals.

4. Appeals directly to end users-- A extremely fascinating whole or a totally distinctive product in significant demand by your customer's customers can pull your product through the customer's own organization a lot of simply. as an example, the Intel within cause is intended to form cleaning implement for Intel. And once Mattel offers Toys-R-Us AN exclusive arrangement for explicit configurations, or product with whole names like Barbie or Hot Wheels or Harry Potter, it's creating itself indispensable to the present terribly robust client. Similarly, any kind of data system or else service that saves time or effort for the tip user may be expected to place pressure on the client to shop for. If you'll return up with a compelling reason for finish users to demand your steel pipes in their product, then that may be a really powerful negotiating tool once it involves maintaining your worth.
Labels:

Comments

Post a Comment

Popular posts from this blog

Definition of Needs, Wants and Demands

By
Needs - Needs are the basic requirements of a human being, like food, cloth, shelter etc. humans cannot survive lace of those requirements. education and health care are the extend part of needs in this modern world. according to marketing language, human needs are state of felt deprivation. It is the basic underlying of marketing. Different people have different needs some of them are as follows physical needs- Food, cloth, house, safety etc. personal needs- self expression, discuss feeling etc. Social needs- love, affection etc. Ego needs: status, recognition and self-esteem Wants – Wants are the satisfiers of needs. Specific products has the ability of satisfy specific wants. Wants are a form of needs and which are greatly dependent on the human needs. Wants are unlimited. Customers want high value and satisfaction for money. For example , you need to write, for this your choice will be the best pen. For write is your needs but the best brand of pen is your ...
9 comments
Read more

INTRODUCTION TO HUMAN RESOURCE MANAGEMENT AND ENVIRONMENT

By
  Human Resource Management (HRM) is a relatively new approach to managing people in any organisation. People are considered the key resource in this approach. it is concerned with the people dimension in management of an organisation. Since an organisation is a body of people, their acquisition, development of skills, motivation for higher levels of attainments, as well as ensuring maintenance of their level of commitment are all significant activities. These activities fall in the domain of HRM. Human Resource Management is a process, which consists of four main activities, namely, acquisition, development, motivation, as well as maintenance of human resources. Scott, Clothier and Spriegel have defined Human Resource Management as that branch of management which is responsible on a staff basis for concentrating on those aspects of operations which are primarily concerned with the relationship of management to employees and employees to employees and with the deve...
Post a Comment
Read more

The Marketing Mix

By
To be successful, a company need to take competitive marketing strategy for compute. Making competitive marketing strategy, selecting target customer and market positioning a company need to take proper planning of product, price, place and promotion etc. Marketing mix means the combination of major marketing tools like product, price, place and promotion and people. Philip Kotler and Gray Armstrong define, the set of controllable and tactical marketing tools product, price, place and promotion that the firm blind to produce the response it wants in the target market. The marketing mix, many possibilities can be collected into four group if variables known as the four or five P`s: Product Price Place Promotion people It is interesting to ask how to make the 5Ps more customer centric. This leads to a redefining of the 5Ps to the 5Cs as follows: Product—Customer solution Price—Customer cost Place—Convenience Promotion—Communication people- competition Produ...
3 comments
Read more