Marketing question
A company's marketing strategy can be customer-oriented (i.e., strategy designed by examining primarily customer needs) or competitor-oriented (i.e., strategy based on competitors' actions). In reality, companies do both. For the following scenarios, identify which strategies to emphasize and why.
1. A market leader in pharmaceuticals
2. A market follower in a mature market
3. A market nicher (i.e., company focused on a small segment) in interior decoration of luxury homes
4. A a market challenger in a mature market with low margins and significant economies of scale effect