Free «Marketing and Competition» Essay Sample
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A red ocean industry is faced with a lot of competition and each company in the industry is up for grabs in the market (Kim, 2005). Thus, this essay analyzes the communication industry with the 6 paths framework strategy to conceive new market space for a specific company in the market.
Analysis: Basically, the mobile communication industry is faced with competition on matters of: 1. pricing of call tariffs; 2. reliability and convenience of products, 3. inter-network communication and 4. Products related to communication service delivery coupled with the ability of a particular company to offer a variety of services (See Strategy Canvas for the Mobile Communication Industry below). Well, modern trends demand that companies in this industry to look across alternative industries like the Banking Industry, Journalism industry among others to remain competitive. Secondly, the desire should be towards addressing the needs of strategic groups instead of struggling to sell what can be produced. Thirdly, companies in the industry are challenged on how to reach various buyers depending on their social status; this will ensure that a company will have a good share of the market (Jessica, 2007).
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The fourth strategy would require the provision of complementary services and products like the provision of affordable internet on strong network, business transactions and mobile banking among others. The functional appeal to the buyers is very important in staying ahead of competition in the communication industry. Finally, future prospects are needed to promote continuous market sustenance and stable position in the market (Jessica, 2007). The existing company has set high prices which it has initially enjoyed. Emerging companies have set low tariffs which have made competition stiff. The following is a diagrammatic representation of a Strategy Canvas for the Mobile Communication Industry (Kim, 2005).
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Strategy Canvas for the Mobile Communication Industry
Creating a Blue Ocean
Creating a blue ocean in the Mobile communication industry will call for the existing company to develop its marketing strategy by: providing solutions to the problems of the customers. For instance, incorporating banking facilities using mobile phones as a way of venturing into other industries would be an efficacious approach. Again, the focus should not be on other competing companies. It should instead be on the esteemed customers. The company should thus develop products that meet the anticipation of the buyer other than what it can merely produce. The provision of affordable products cutting across the mass in the market would be very important in creating a blue ocean industry. Variety and diversity at large would make a company in the mobile communication industry have a good share of the market and stay ahead of competition. This essay concludes by stating that uniqueness coupled with innovation and creativity in addressing the customers’ needs would propel will create a blue ocean.