market leader,follower,nicher,challenger
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A company's marketing strategy can be customer (i.e. you design your strategy by looking primarily at what your customers want) or competitor (i.e. you design your strategy based on the actions of your competitors) oriented. In reality, of course, companies do a little of both. For EACH one of the following 4 scenarios, identify which of the two strategies should be emphasized and why:
1.1 A market leader in pharmaceuticals
1.2 A market follower in a mature market
1.3 A market nicher (i.e. a company focused on a small market niche) in interior decoration of luxury homes
1.4 A market challenger in a mature market with low margins and significant economies of scale effect.
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The detailed explantion of market leader,follower,nicher and the challenger and the marketing strategies followed by each one of them.
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1. Market leader in pharmaceuticals:
Since the company is the market leader, the company can devise the marketing strategy in such a way that its strategy is operated on the basis of the customers' needs and specifications. The Company is in pharmaceutical industry, therefore the medicines need to be developed/innovated by the company according to the needs of the customers and it has to try to maintain the leadership in the market by meeting ...
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