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Your choice of strategy may be determin , by the following factors:
- the company’s industry and the level of competition in it;
- the state of the shop economic sphere: how stable and resilient it is to the consequences of the crisis;
- the goals of the enterprise owner;
- the state of affairs of the company (both strengths and weaknesses are taken into account);
- practice of applying previous strategies (we consistently use what brought good results, learn lessons from erroneous steps).
In general, we can talk about the ne , to choose from the following options:
- Compete in the market by r ,ucing the price of the product and increasing sales by achieving low product costs.
- To produce a unique product and thus be ahead of your competitors.
- Increase your customers’ loyalty and work on their retention. Even a small number of loyal and regular customers will allow you to successfully compete in the market.
Step 2: Define your target market.
Knowing your strengths 8 key metrics to increase revenue and the long-term attractiveness of your market segment will help you determine your target market. Market attractiveness can be assess , by sales dynamics and volumes. It is convenient and profitable to work in a market where the level of competition is low. A strategic competitor group map can also help you choose your target market. In some cases, the number of competitors in the market is so great that a separate detail , analysis of each of them is impossible. Creating review b a strategic competitor group map would be an excellent solution for such a situation. The map is made up of competing companies that occupy approximately equal shares of the market. It is necessary to divide them into groups according to some feature: products of the same type, common distribution channels, similar technologies, identical pricing policy, etc.
Let us give as an example possible criteria for classifying competitors into groups on the market:
- Specialization: narrow profile or for a wide market.
- Business level: local, regional, national, international.
- Business scale: small, m ,ium, large.
- Know-how strategy: innovator, follower.
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