Marketers know, for example, that market expansion favors leaders. The company with the strongest position generally can easily get another million customers or thousands of orders. The challenger thus gains less from expanding the market. Especially that market expansion should occur when the product is in the maturity phase and the existing market is saturate. These features usually characterize the products of the market leader. Leaders expand the market The strategy of the market leader is therefore to expand the market in the first place.
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This can be done by gaining new customers, new uses for the product or increasing the customer lifetime value by increasing the number of uses of the product per person. We recommend Can competitive strategies be universal? The market Latest Mailing Database leader’s strategy is to expand the circle of influence The expansion of the market can be easily illustrate by the example of foreign expansion. It is usually chosen by the market leader when the market in the country of origin is already saturate – the product is in the maturity phase. This was the case, for example, with Chinese electronics before it was sold in the West, with Japanese cars or with American fast-food chains.
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Do you want to (after)become a leader in your market? Check what strategy you nee to achieve this. Enter your e-mail, we will contact you Phone Number SA Characteristics of the market leader strategy Jacek Kaczmarek (“Tourist product. Idea. Organization. Management”) notes that “the leader’s strategy is to strive to achieve such a position in the industry that others have to offer similar quality and economic conditions.” While striving to expand the market, the leader must constantly defend against competition while keeping costs as low as possible. History knows cases when the market leader’s strategy consiste in its expansion.
