Definition of Market dominance strategies:-
Market dominance is a process of determining the stability of a brand or a farm compared to a similar service providers or product manufacturers in the market.
Geographic element too plays a major role in calculating the market dominance. It is vital to analyze the extent up to which a product or a brand manipulates the product category of the specified area.
However, the market share is not an exact alternative of market dominance strategies. Market dominance demands several factors to be taken into account, which includes, information pertaining to suppliers, consumers, government policies and the competitors in the respective markets. The following points can be helpful in determining the basic differences between market share and market dominance strategies:
- A brand, firm or service provider bearing a combined market share more than 60%, they are inevitably holding the market dominance or market power as well.
- A brand or business having more than 35% market share, but less than 60%, might mark market strength of the brand, but it might not be market dominance.
- A market share, less than about 35% held by a brand neither indicate of strength nor dominance.
Textbooks on Market dominance strategies: -
Some of the pioneer books on market dominance strategies are:
- Competing for customers, and winning with value, Reidenbach, R. Eric, and Goeke, Raginald W., 2006.
- Market leadership strategies for service companies, Terrill, Craig., and Middlebrooks Arthur, 2000.
Examples of Market dominance strategies: -
Even though there are numerous modes of determining the market dominance, the most-common method is market share, or the total percentage of market catered by the brand or service provider.
A declining scale of market share occurs, when the leader of the industry holds about 50% share, followed by the second largest leader, holding about 25% share and so on.
A dominant marketing strategy can be said to exist as soon as the market share of a company attains an order of about 40-45%. In case, there are larger gaps exiting between the farm and its closest competitor, and it is, needless to say, that the farm achieves an advantageous position automatically.
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