Business strategies are fundamental for the good business development of any organization. In this post we have as protagonists the market leadership strategies, of which we will see their concept and examples.
In this case, we talk about a series of approaches that aim to broaden the spectrum of action. For example, when a company has a product that it wishes to sell to a new market segment. To do this, it is necessary to design a new strategy to offer it more effectively.
Market leadership strategies
These are strategies that can be created by a company that achieves leadership. That is, when its products or services are the most popular and it has a high level of competitive efficiency. We can highlight 2 different types of market leadership strategies:
- Cooperative strategy: with this option, it increases the size of the market for the entire industry by finding new applications of the product or service that attract new customers.
- Competitive strategy: in this case, the company invests its resources in attracting competitors’ customers through advertising, public relations and/or attractive promotions.
As an example of a cooperative strategy, we will cite one of the best known fast food brands in the world. McDonald’s has such a perfected process that a burger in Spain tastes the same as a burger in the United States. However, the brand is well aware that certain adaptations are necessary to satisfy customers in different markets.
In Japan, for example, its menus are different to suit the way of life in the country. In addition to the classic double cheeseburger, we can find others with teriyaki sauce or shrimp with garlic. There are also tofu nuggets, edamame portions with corn or drinks that are only sold in this market.
Photo credit: KB
