Question

Briefly explain what is the market challenger, and what are the strategies of a market challenger?

Answer 1

*ANSWER ::

-> Definition ::

A Market Challenger Is A Firm That Affect Market By Its Expand Its Market Share In The Market By Its Products Competitive Price Which Affects All The Firms In The Market And Expand Its Share in The Market. Market Challenger Challenge The Market Leader By Its Price And Share In The Market.

-> Strategies Of Market Challenger ::

In Order To Expand Its Share In The Market The Market Challenger Used Different Strategies Which Is Explained Below ::

(1) Direct Attack ::

Market Challenger Attack Directly To The Competitor Firm By Decreasing Its Price.So If Market Challenger Decrease Its Price The Demand For its Product Increase And For Competitor Demand Decrease Because Challenger Offer Less Price In Comparison To Their Products Price.

(2) Indirect Attack ::

In This Strategy Market Challenger Attack Competitor Or Market Leader By Not Price But A Different Way That Indirectly Affect The Demand Of Its Product In The Market Its Like Technology Advancement,Invent New Product Or Expand Business At New Place To Attract Consumer.

(3) Small Victories ::

In That Strategy Market Challenger Gain Small Small Victories In Short Time And In Long Time It Give Huge Impact On The Market And Increase its Share In The Market. For Ex. In short Time Firm Is Small And Production Is Not Huge So They Give Price Discount And Other small Strategies To Attract Costumer So In Long Term They Are Achieve Good Market Share By Small Victories

(4)Weak Point ::

In That Strategy Market Challenger Attack The Weak Point Of Their Competitor. They Find The Are In That Competitor Are Performing Good And After That They Attack The Competitor On Their Weak Point To Decrease Their Market Share To Increase Their Own share In The Market

(5) Strength And Weakness ::

By Examine Competitor Strength And Weakness The Market Challenger Attack According That To Increase Their Market Share In The Market. For That Market Challenger Use Different Technique And Survey To Collect Information About Firms Strength And Weakness To Plan Their Future Strategies.

=> So We Assume That Market Challenger Are Need To Be Aware For Their Strategies and Competitors Action In The Market To Expand Their Share In The Market.