What should the company do to maintain and improve its market position
This is a very broad question, and a very broad answer to this is that a company need to adopt appropriate marketing policies and practices to maintain and improve its market position. What are these appropriate marketing policies will be determined by the nature of its products, its markets, and the strengths and capabilities of the company itself.
Experts have suggested many different ways for analysing these influences on marketing and defining the appropriate marketing approach for specific situations. One such approach is called "4 P's" of marketing, also known as marketing mix. The four P's of marketing are:
- Product; This refers to product features like variety, design, quality. services, and brand name.
- Promotion: This refers to all the communication with the customers to promote and sell the product. It includes activities like advertising and selling.
- Price: This refers to the price customer pays for the product including the various components of the price and price structure.
- Place: Place refers to the locations where the products is available. This is determined primarily by the distribution channel and associated activities like warehousing and transportation.
A company must think about the nature of all the above four components of marketing mix that it offers to the market and ensure that these are matching the requirements of the market as well as the company's resources, capabilities and objectives. Also it is important that these four components of marketing mix mesh well with each other.
Beyond 4'p's which are called marketing mix,other factors such as constant research on the market regarding the feedback of customers and their satisfactory levels are very important.Once the product was sold then regular monitoring of the customers consumption levels and feedback on satisfaction are very important.Once the customer satisfied with product quality and service,its sure that they would stick to that for some times ,if maintained, that relations through customers service may sustain for long time.That leads to improve positive image of the product or sevice that also results in increased sales while branding the product/company's name and creates durable market.