Answer to Question #175085 in Marketing for Sunny

Question

industry figures suggest that "Clinique" is the market leader in the skin care industry, which deals in cleansing lotions, skin toners and moisturizers. Describe the main objectives or focus of a market leader in terms of their competitive strategy and the activities they may undertake to achieve those objectives.

Answer 1

Answer

The main objectives of a market leader are those that need to be achieved and realistic. They should be based on the analysis of the marketing audit that has taken place. Along with the company's objectives, they help the firm spot which products will be sold in which markets. The following are crucial strategies a market leader should focus on to achieve its objectives;

a) Trading what is considered to be the best product in the market and procuring features that competitor products do not possess.

b) Being able to earn absolute advantages of economies of scale, so administering at the least cost point. It is now widely accepted that, in some markets, a certain meaningful mass is expected to be competitive.

c) Being secured by good patents on our products and other legal devices, such as copyrights on our arguments.

d) Having outstanding market information to render a basis for future marketing litigations and management of markets. This qualifies the market leader to be farseeing to gain 'first mover advantage', by being the first to sell a product or service that clients prefer.