A Market-Follower Company - Essay Example

They only consider what other companies are doing in the market and replicate the same strategy in their operations and actions. Therefore, these companies are often seen lagging behind the competition. They with time become market strugglers. It is therefore imperative for all the firms in the competitive market environment to make sure they design an appropriate strategy that is a perfect fit for the external and internal environments of a company so that no conflicts occur in the firm’s business operations and smooth business operations are conducted.

The marketing strategy that we can adopt is by increasing the frequency by which people use our product. This can be done by either making it convenient for the consumers to use the product or by encouraging people to use it more often. This can be done by making a more tempting ad campaign in which people are asked to use the product more often. Another important thing that can be done to encourage people to use it more often is by telling the consumer that it is what they need. Similarly, more persuasive ad-making can be done for tempting consumers. Another marketing strategy could be offering promotional discounts that is if the product is bought frequently a certain percentage of discounts can be given. This will encourage people and target consumers to buy the product more often, the one aspect in which our country is lagging. If we look at pricing strategies, we can also give bulk discounts on large purchases and can use odd-even pricing to play with the psyche of the consumers. The product will be priced a fraction below a whole number to give the impression that the product is much cheaper than it is. Another way to improve the marketing campaign is by improving the product availability. This can be done by making the product available at more frequent outlets and by distributing it through more efficient channels of distribution. These are some of the marketing steps that can be taken to improve the frequency of purchases of the company’s products. Another way to improve the frequency of purchases by the consumers is by introducing various promotional offers which will encourage the consumers to make regular purchases. For example, buy a certain quantity of the product within a week and get a 25% discount on the purchases in the next week. Any other strategy like this is going to tempt consumers to purchase more frequently. Read More