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Competitive Strategies used by top companies - Term Paper Example
Author : kilbackalize
Pages 10 (2510 words)
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…
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. ...