{"id":466,"date":"2023-01-26T21:20:00","date_gmt":"2023-01-26T21:20:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=466"},"modified":"2023-02-28T17:01:08","modified_gmt":"2023-02-28T17:01:08","slug":"how-to-gain-market-share","status":"publish","type":"post","link":"https:\/\/businessyield.com\/bs-business\/how-to-gain-market-share\/","title":{"rendered":"How To Gain Market Share","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
From inception, one of the main focuses or objectives of a business is to make as much profit as possible, gain market share, and also be a leading player in the industry. Businesses have incorporated expansionary measures in their “strategic planning” and also made achievable projections towards gaining as much ground and becoming a market player.<\/p>\n\n\n\n
Realistically gaining market share could be one of the most demanding or rather upheaval tasks especially for new and emerging businesses. In business studies, we have come to learn that as a business entity, you either create a new product for a new market, a new product for an existing market, a new market for an existing product, or a market for a new product. We will consider these further in the article.<\/p>\n\n\n\n
In an open market economy, where there is free entry and exit, or a highly competitive market, gaining market share has become a little more painstaking, both in relation to consumer behavior and prevalent economic situations.
Gaining market share involves a number of factors, which could include; pricing policy, sales and promotions, advertising and marketing, customer loyalty, product branding and packaging, economies of scale, economic or governmental policies.<\/p>\n\n\n\n
Before launching a new product into an existing or new market, research and development must have been carried out, a feasibility study done to show if the product will survive the market and an entire study of the product life cycle. It should be also monitored how a new product can thrive in the market and for how long.
Having considered all of that we need to look at what can actually help a product gain market share and sustainability.<\/p>\n\n\n\n