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Market Share - Coggle Diagram
Market Share
How to improve market share
Change the marketing mix
Price
Lower prices to stimulate increase in demand
Use predatory pricing to wipe out competitors
illegal and only able to be used by big and powerful companies but hard to prove so ;)
Place
Open more distribution channels so products can be sold at more places so more chance of customers noticing the product and buying it.
Promotion
Do more advertising to make it harder for consumer to forgot about the product
Promote more in industry related areas (EG: If you sell golf clubs, advertise in magazines about golf)
Product
Give it a unique selling point/ way for it to stand out/ a reason why people should buy this product
Rebrand it to make it more appealing to a different target market
It's pretty much just getting more people to buy your product instead of compititors
External reasons
These are events/stuff that helps a business builds market share due to external events
Major event in the industry/seasonal demand
EG: Sell Ice Cream in summer, or tennis rackets during Wimbeldon)
Controversy surrounding compititors
EG: VW emisisons scandel
Not supporting certain trends
EG: lots of people boycotting companies that invest in Israel or anti-LGBT+ legislation so takes their business to companies that don't which increases their market share
Calcuation:
Total sales of the business/ Total sales of the market
This is the overall amount of the market that buys from the business (in terms of percent)