D4: This course

Introduction

The product life cycle contains stages in which a product goes through. These stages include the introduction, growth, maturity and decline stage. The introduction phase involves raising awareness about the product, offering discounts in order to increase profit, targeting influential market leaders. Find a willing supplier who is ready to stock the product. In the growth phase, most companies change their marketing niche to the mass market. In the maturity stage, most companies concentrate on improving the product in order to gain product differentiation. In the decline stage, the company may feel that it is safe to let the product go, (Day, 2018). A good example of a company that is at its maturity stage is Coca-Cola. Firms increase their market share through strengthening the customer relationship, innovation, hiring skilled and experienced personnel. 

Innovation

When a company come up with new technology, customers seem to buy it even thou they did business with a competitor. Innovation is often an expensive and risky strategy since one has to analyse the market demand and large investment carefully. Distribution innovation enables people to cover the market more exhaustively. In order to increase the market share, it essential to come up with an innovative way to promote the products. 

Strengthening customer relationship

Most of the customers become loyal customers, and this increases the market share. Companies protect the existing market share by ensuring that they retain customers. Moreover, companies can use the same method to increase market share by developing a good relationship with customers, (Cox, 2017). High market share makes the company have a competitive advantage over its competitors. Firms that have a high market price receive a better price from suppliers. 

Hiring skilled and experienced personnel

Companies who have the largest market share tend to employ qualified and experienced staff. Employing the best people on board reduces the cost that is associated with turnover. It is essential to train the employee from time to time. Offering a competitive salary and benefits is another way of attracting employees, (Anderson & Zeithaml, 2017). Workers in the 21st Century seek benefits such as a flexible schedule and a casual work environment. To find quality professionals, search online or attend events that recruit the best people. When you are staffed with highly qualified individuals in product development, customer service and marketing, you can increase the market share. 

Conclusion

Some of the methods that can be used to increase market share and reinvent the product include innovation, strengthening customer relationship and hiring a skilled and experienced workforce. The company can also acquire its competitors; this will help increase the market share. Through acquiring its competitors, the company is able to tap into the existing customer base. It is also important to study the market demand before innovating a product. In addition, improving customer satisfaction also increases market share. This can be done by asking for feedback from customers. Invite customers to communicate what they need or want. Increase engagement on social media platforms can also be another method of increasing market share. In order to engage customers on social media such as Facebook and Instagram ensure that you post regularly so as to get the comment of the customer.

Reference

Anderson, C. R., & Zeithaml, C. P. (2017). Stage of the product life cycle, business strategy, and business performance. Academy of Management journal, 27(1), 5-24.

Cox, W. E. (2017). Product life cycles as marketing models. The Journal of Business, 40(4), 375-384.

Day, G. S. (2018). Diagnosing the product portfolio. Journal of Marketing, 41(2), 29-38.