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Competitive Strategies used by top companies - Term Paper Example

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Competitive Strategies Used By Top Companies In the world of business, adapting to market conditions is the key requirement when companies devise the strategies that they will employ in their target market segments. This requires them to understand their clientele as well as their competition to ensure the success of the said strategies…
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Competitive Strategies used by top companies

Download file to see previous pages... This is the leading reason why every company, be it a large multinational or a small home-based startup, should pay attention to its marketing teams and increase the importance placed on the strategies that they come up with. While the main focus of any business is the creation and retention of capital, there is little attention paid specifically to the customers who will be their main source of income. Many companies associate the client and the product that they serve as two different entities, in that product creation happens first before they start targeting a client base to sell it to. In a truly customer-oriented company, the development team identifies a niche in the needs of the client base and develop targeted products that fill these niches (Boscor, 2011). The companies that employ this strategy have a better understanding of the tastes and preferences of their clients and as a result, increase the number of repeat clients that they have, which effectively increases their productivity. The world of business is full of examples of the successes and failures of companies, which essentially increases the knowledge base from which new strategies evolve. One of the country’s best examples in customer relations is Starbucks, a Seattle startup that grew to the giant with 17,000 stores spread over 50 countres with an annual groth rate of about 20% p.a. (Boscor, 2011). These figures act as an inspiration for many business models available today and is indicative of the success that companies would achieve by adopting similar strategies. This is also the reason why the strategies employed by this company warrant such attention and a deeper sense of understanding. One of the ways a company can ensure that it maintains its image and goals is to establish a company profile that future employees and clients can relate with. Since its beginning, the company motto revolved around developing an enthusiastic and satisfied customer base, which was in line with their focus on clients instead of products (Boscor, 2011). While this may not be considered a business move by some, it acted and still acts as their core value and has not failed the company since. As a result, their products and services centre on the specific needs of each client and the company motto is the leading factor that drives their product development and ultimately, their brand’s success. As a leading company in the food service industry, McDonalds targets a different niche in the same market as Starbucks. From the time it opened up its first store in 1940, McDonalds has also risen to the heights of the service industry and now boasts over 32,000 stores spread over 117 countries (Boscor, 2011). This is all in the face of competition which has risen to stiflin proportions in the last decade. The company, however, has maintained its position as industry leader despite these challenges due to constant adaptations to fit the market and this establishes it as one of the successes of our time. Different companies approach their expansion processes in various ways and each alternative has a profound effect on the future of a company. As a market-conscious company, McDonalds handled their transition into international markets quite well. Their chosen method of expansion is franchising and this allows them to better understand their markets. They were considerate of the cultural ...Download file to see next pagesRead More
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