Remaining Competitive in the Market

Published: 2020-04-27 10:39:55
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In a market where there is constant fighting for the best sales, there is need that a company always ensures that it is able to deal with slowing sales adequately in order to make sure that it is not by-passed by competitors. This paper looks at how to maintain competitiveness in the case study that has been provided by the group in answering the questions that they face as they venture into the market.

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One of the main ways of ensuring that one has market advantage is by knowing your competition. Without knowing ones competition, it is impossible to ensure that your products are top-of-the-range. By knowing ones competition, one is able to determine what kind of products the competition offer, their major selling points through their unique selling points. Therefore, the organization is able to design products that can be able to compete with the rival products in the market. By knowing ones competition, we avoid a situation where the competitors product is so much ahead of yours that yours seems ancient as compared to theirs (Whitney, 2013). Furthermore, the organization needs to identify and meet customer needs. Find out the kind of products that your client needs and ensure that they are fairly priced even when there is an economic crisis. This is because during these times, the customer needs can vary exponentially and the company needs to stay afloat and profitable.

Updating your image as a brand is an important marketing step in ensuring that the company brand is always in the minds of the clients. A brand that stands out is important especially in the minds of consumers where they are seeking products to buy. It is one of the most efficient ways of ensuring that the clients can remember the brand and also taking time to advertise the advantages of ones brand over others (Narang, 2013). If one takes the opportunity to differentiate their product during branding times, then they can make a killing in ensuring that customers remain.

In addition, there is need that the existing customer base be frequently serviced to ensure that there is a foundational base of customers where sales can be built and maintained. Taking care of customers means that one can introduce offer items for the products bought and such promotional activities that will boost customer confidence and loyalty (Roland, 2010). This ensures that the customer will always be happy to buy a product belonging to the company. Finally, the staff within needs not be forgotten. Employee satisfaction is one of the most major concerns in organizational culture today (Chew, 2005). There is need to ensure that the employees are equally satisfied so that the company can ensure that it has no disgruntled representatives out there and only good is being portrayed when its agents are out in the field.

Based on the above research, we can compete in the market with some amount of success. We have identified our competition and we have noted the kind of products that they specialize in. furthermore, in terms of innovation, we have found a niche where we think that we can have market dominance because none of our competitors have discovered this particular area. As a result, we aim to capitalize on this as we enter the market and thus make our brand known for the prowess in this particular area. Afterwards, we can engage the customer base in other products as we aim to diversify our products. Focus has been put on employee and customer satisfaction programs. In the case of employees, sufficient motivations have been put in place to ensure that targets are met, and progressive implementation goals of employee retention have been put in place especially for when the company begins to expand. Customer loyalty programs have been set up in a bid to ensure that new customers are maintained, as well as discount programs.

These were some of the main considerations that were put in place while coming up with the business plan, especially on how to make sure that both the inside and the outside of the business is impermeable to cracks within. Changing financial times could present the challenge in managing the business because of changing customer preferences during this times, especially for custom-made furniture. However, if factors remain constant, then innovations in the area that have made it easier and cheaper to produce such crafts can be applied to ensure that the company can stay afloat even during tough financial times, and the ability to attract more customers due to cheaper prices.

Global evaluation of the marketplace will be assessed in ways including market for our products in other markets such as the Asian market and growing economies. This is because after a time, we expect to expand to the global market as this will be key in ensuring that the brand grows into the enterprise we want it to be. Global evaluation will be done through analysis of different markets.

References

BIBLIOGRAPHY Chew, T. (2005). Achieving organizational prosperity through employee motivation and retention: a comparative study of practices in Malaysian institutions. Research and Practice in Human Resource Management, 13(2), 87-104.

Narang, U. (2013). HRM Practices - Its Impact on Employee Retention. INTERNATIONAL JOURNAL OF MULTIDISCIPLINARY RESEARCH IN SOCIAL & MANAGEMENT SCIENCES, 1(4), 47-51.

Roland, B. (2010). What is an employee discount program? Retrieved August 16, 2015, from www.abenity.com/celebrate/archives/2435

Whitney, T. (2013). Ten ways to keep ahead of the competition. Retrieved from Market Donut: www.marketingdonut.co.uk/marketing/marketing-strategy/ten-ways-to-keep-ahead-of-the-competition

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