Fall 2009 issue of Horizons

GENERAL TOPICS

Leading the Market in Any Economy What is a market leader? According to the dictionary, a market leader is “the company or brand with the largest share of a market niche for a particular product.” That definition could be expanded to include the company or brand with the highest customer loyalty, perceived value and image in its definedmarket space. When a company becomes a true market leader, it has a competitive advantage over its competitors that will positively impact bottom-line profits. The challenge By Dan Raskas

is becoming a market leader and maintaining the position as the market leader. This article will focus on both obtaining market leadership and sustaining that position, as many of the strategies are the same. So what is the secret formula to obtain market leadership? What are the things a company should be doing when the economy is strong to gain a market leadership position? What should a company do when the economy is weak? The basic elements of obtaining and sustaining market leadership remain constant regardless of economic conditions. What will change is how a company executes on those elements that will determine the market leader. There are three key elements to obtaining and sustaining a market leadership position — customer focus, innovation, and sound strategy and execution. Each of these elements must be in sync and directly impacts and feeds the others.

Customer Focus

Innovation

market leadership

Strategy & Execution

7 u fall 2009 issue