How Well Is the Company Prepared to Compete - Essay Example

Cutting a niche in the market and expanding it will enable MC Industries Company to prepare for the competition in the industry. This will involve the formulation of the strategies that will attract the customers into the company as opposed to the rival companies. It will entail performing a market research analysis to identify the brands which the target market appreciates and the need that should be addressed to bridge the market gap. After that, the company will design products to suit the needs and preferences of the customers and then carry out advertisements of the products to inform the market of the availability of the new product in the market. The most important thing to note here is that the market share will be increased as the company is able to brand its products favorably compared to the rival companies.

            The company has set out strategies that will enable it to make competent adjustments in the market in order to facilitate expansion and increase future investment. The company has set out the objectives to maintain high standards of marketing and improve the secondary advertisements in order to expand the market share. The target is to earn 20% of the market share. To achieve this, several measures have been put in place. First, the company is organizing its operation in a way to facilitate entry of the company into the market. Teams are formed and assigned corporate responsibilities which are mandated with different functions such as market survey formulate marketing strategies, choose target segmentation, branding of products for each target segment, market testing to evaluate the level of MC Industries Company competitiveness, review of the brands and redesigning of the brands based on the information got from testing the market. This information will be used in the future investment of the company which will ensure tactful expansion into the wider market share.

            Despite the measures that we have put in place to ensure that MC Industries Company is able to competitively encroach into the market, there are several things that challenge the success of this operation. First, the tastes of the customers are unique and diverse and therefore, it is not possible to cater for all tastes and preferences in the market, inefficient production which does not meet the requirements of the market, incompetent management of sales staff which leads to decrease in the number of sales, inefficient marketing spread, badly managed products, and marketing in the traveler segment. Despite these challenges, we believe that MC Industries Company has the capacity and preparedness required to compete in the market.