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What steps would a firm take to identify and capitalize on emerging market trends and customer preferences in product development?
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Solved in 5 steps
- How can an organization effectively assess and enhance its strategic capability to gain a competitive advantage in the market?What specific strategies (at least two) will you propose to a company of your choice to implement market development?"What methods and factors should businesses consider when evaluating the market potential for a new product or service in today's dynamic business environment?"
- describe how the company can build on its strengths and correct its weaknesses in order to take advantage of one opportunity in the market.How companies can position their products for competitive advantages in the marketplace? Discuss.Compare and contrast industry market potential and company sales potential. How is an estimate of industry market potential helpful to managers? What factors are necessary to determine industry market potential?
- Identify the six forces that shape competition in an industry. Describe how changes in the strength of these forces affect prices, profitability, and under which circumstances each can be considered a threat or opportunity. Why is a competitive analysis using the competitive forces framework a benefit to industry?Advise an organisation that is planning to adopt a market development strategy on the various options available, when it is viable and suitable to adopt the strategy.What characteristics help companies gain competitive advantage in the marketplace?Does every company acquire a competitive advantage?
- What types of quantitative analysis are useful to analyze whether a company should take a successful premium product and choose to go down-market?How to assess the company’s strengths and weaknesses in light of market opportunities and external threats?How can a company adapt its business processes to changing market conditions and customer needs?