Knowledge of the following sources of market power will help you to go in the right direction to achieve your company’s objectives.
Technology plays a vital role in helping companies to occupy the topmost position in the market and to become effective market leaders. A company should not only be aware of the latest technologies but also be well versed with their applications. Technology has had a great impact on the businesses. It is also responsible for making work easier for a company. Companies can instantly collect and store latest market information.
A company can also use technology to monitor its internal activities. It is due to technology only that customers can also order and view their products online. Communication between consumers and producers has become even better with the advent of technology. A company aiming to sustain itself in this competitive world cannot do so without the support of technology.
Cloud computing aids a company to manage and monitor its data. Many companies have installed cloud computing software on their computer systems to access information from any computer. It has made the process of internal communication easy. Cloud computing is beneficial for sales and marketing people as it provides them with accurate data that is essential for planning effective marketing or sales strategies.
Attract And Retain Customers
The aim of a company should not be only limited to attracting customers but also retaining them. Customers like those companies that value their suggestions, fulfill their needs, provide products of high quality, deliver fast services and charge reasonable price for their products. A company should study the buying behavior of its customers and try to incorporate changes to its products according to their customer’s needs.
A large number of companies try their level best to reach the topmost positions in the market and defeat their competitors. Companies adopt new strategies and techniques to excel in their core competencies. To attract and retain customers is an art which one has to learn to stay in the competition. Companies need to introduce new products in the market to sustain themselves. Not only this, they also have to think of innovative ways to reduce the prices of their products.
Many companies are lowering their prices just to attract the customer’s attention towards their products. Companies should make sincere effort in improving their products according to the tastes and preferences of their consumers. A company should give prompt response to meet the demands of its customers. It should try its best to give unique products to its customers that cannot be easily imitated by its competitors. The company should make use of advanced technology for manufacturing its products.
Branding is essential for a company as it creates a particular image of the company in the minds of consumers. Consumers should be able to recognize a company and its products. Some of the popular examples of branding are Yahoo, Reebok, Google etc. Branding creates a lasting impression in the minds of consumers. A company has to use unique sales and marketing strategies to create an image or identity for its products.