Strategies to Maintain Product Market Share
Instructions
Keeping market share can be as important as gaining market share. A competitor pharmaceutical company is launching a product that will challenge one of your very profitable medications. Describe some strategies that would help to maintain market share. Explain the pros and cons of each of these strategies.
Answer
Strategies to Maintain Product Market ShareStudents NameInstitutionStrategies to Maintain Product Market ShareMaintaining a market share is always a challenge. This requires prior planning a good follow-up by the business owner or management to keep with the competition. For our case study, the entry of new pharmaceuticals supplier will require strategic application of SWOT analysis and five forces analysis among others. The two analyses will enable the firm to evaluate it internal and external environment thus allowing for optimal performance that will keep off the new entry of medications. Both the five forces analysis and the SWOT analysis are of benefit to the strategic planning process since they create a framework that allows management to think and come up with ideas on strategic pl...
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