Strategies for Capturing a Niche Market
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What are some strategies a new firm would implement to capture a highly specialized/differentiated niche market from another company?
This niche market is currently receiving high quality service at middle-to-premium prices.
How would the incumbent firm protect their existing market and grow revenues in the face of this new competition?
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Solution Summary
Almost 300 words to provide a strategy for capturing a middle-to-premium niche market as well as maintaining their revenue in the face of competition.
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This niche market is currently receiving high quality service at middle-to-premium prices.
Company needs to ask itself the following questions:
What are our core competencies?
Are our processes creating value?
What are our tangible and intangible resources? Are they efficient for our business?
What are our primary and support activities in our value chain? And how can they be improved?
Companies need to follow four characteristics:
Valuable capabilities
Rare capabilities
Costly-to-imitate capabilities
Non substitutable ...
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