The paper “ Smart Life - Growth Market Strategies for Market Leaders and Share Growth for Followers and Strategies for Maintaining Competitive Advantage" is a forceful example of a case study on marketing. Programs that boost survival and preventing a newly established business from suffering intense competition, which may wipe out Smart Lightning must follow up on a strategic marketing plan. For this reason, Intelligent Life Corporation must actively engage in serious marketing promotion and branding of its newly launched services and products in order to acquire a market share.
This process of marketing entails building brands that are attractive to the customers. The brands must also be cheap and well packaged. It is, therefore, possible for the company to take advantage of the pioneer’ s positioning mistakes. The pioneer company might have made errors in the production of the products and the follower can rectify this. Marketing mistakes can also be rectified in addition to taking advantage of the latest economy. Smart Lightening products can be exported abroad to increase sales. The company can also engage in franchising to increase sales and reduce management problems.
In addition to this, the company may decide to engage in contract manufacturing to spread their risks. Oversea direct investment is also another important way in which Smart Lightening products may be sold. Every company aspires to be creative in what they aim to promote. To create means to come up with a real thing that is unique and original. Advertising needs three facets in order for it to be creative. The most important facet is the process of creativity. The process requires a lot of attention and how a person remains focuses during the creation process is critical (Ailawadi, 2008).
A second most important facet of creativity is the personality involved in the creation process. The characteristics and the personal traits of the person come into play in this situation. The individuals should focus and direct their achievement towards the intended purpose. There will be a need to conduct a SWOT analysis and identify the weaknesses of the pioneer product after which the follower can correct and take advantage. Strengths Weaknesses Quality employees Customer service approach Pricing structure Room for growth Use of technology Quality of advice offered competitors Offer a friendly environment to train and communicate with the staff. Improve customer care by introducing questionnaires. Introducing different services that are pocket-friendly Currently financed by loans Small business New brand As an owner new to the industry location facility How to prevent weaknesses Plough back company savings to the business and only borrow the deficit. Market the new brands by popularizing them more. Seek advice from professional bodies and experienced individuals before making a decision. Opportunities Threats Operate in an affluent suburb Programs available for other niche groups Offer product extensions such as supplements, gym wear Australia’ s growing obesity problem Developed technology Availability of supplies How will you explore and undertake opportunities? Use technology as web sites and social pages as facebook to reach more customers. Ensure the company has the best and latest that the suppliers have to offer before any of my competitors. Offer a solution to obesity by developing a program to solve this problem specifically. Philip’ s Company Council licensing fees Economic downturn Substitute products High-interest rates on loans Hard How will you prevent threats? Be unique in the equipment available and training programs. Ensure that licensing fees are paid in advance for the whole year. If the problem of the economic experience reduce the prices and sell cheaper products or reduce the quantity of the product. After analyzing the strengths and weaknesses of the pioneer product, it is necessary for the company management to use skimming and early withdrawal strategies to help overcome the barriers of entering the new market.
In addition to this, the company may adopt Niche market penetration strategies that are appealing to small and distinct but profitable market segments. Importance of Growth Market Strategies for Market Leaders and Share Growth for FollowersOne of the importance of Performance management is to help an organization achieve set goals and objectives.
Its achievement is through the maximization of the individual employees, a team or the entire organization, which is the function of human resource management. To help in share maintenance, there is a need for Smart Life to retain current customers. This is mainly by ensuring customer loyalty by increasing the attention to quality and customer benefits in addition to focusing on advertising on stimulation of selective demand and sales force servicing. To enable employees to be focused and achieve the company’ s business plan and objectives performance management and reward system must be there in any institution.
It is an important tool in management because it enables individuals to attain self-actualization and strengthen the employee in line with achieving the company’ s goals and objectives. It also enables the establishment to reward individuals based on their contributions to goal realization.