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Why are marketing strategies important? Companies use marketing strategies to increase their profitability by growing their market share. A higher market share can create a strong advantage for an organization. If a company releases a product or service for which there is a demand, then that means more people will purchase it (generating more revenue), it will be easier to advertise (reducing ad spending), and it will be more difficult for competitors to compete against (solidifying the organization’s position in the marketplace). Companies rely on effective strategies to increase market share, such as innovating with their products, developing and maintaining good relationships with their customers, and outperforming their competitors. In this Discussion, you will consider how a specific company could benefit from increasing its market share, as well as provide recommendations for how to do so.
RESOURCES
Be sure to review the Learning Resources before completing this activity.
Click the weekly resources link to access the resources.
To prepare for this Discussion:
- Select a company you are familiar with or one that is well-known that you feel could benefit from increasing its market share.
BY DAY 3
Post an evaluation of marketing strategies for capturing market share for a company, to include the following:
- Provide a brief description of the company you selected.
- Explain how you think the company could benefit from increasing its market share.
- Justify at least three recommendations that the company could incorporate to increase its market share.
Refer to the Week 5 Discussion Rubric for specific grading elements and criteria. Your Instructor will use this grading rubric to assess your work.
Read some of your colleagues’ postings.
BY DAY 5
Respond to two or more of your colleagues’ posts in one or more of the following ways:
- Ask a question about why the company your colleague selected could benefit from increasing its market share.
- Provide an example of another company that implemented (or failed to implement) a recommendation that your colleague provided.
- Offer an additional recommendation for how the company your colleague described could increase its market share, including a rationale for your recommendation.
Return to this Discussion in a few days to read the responses to your initial posting. Note what you have learned or any insights you have gained as a result of the comments your colleagues made.
