Companies need to consider several key factors to succeed in a competitive market. Establishing strong relationships with suppliers is essential, as treating them with respect and being loyal can foster long-term partnerships that benefit both parties.
Through great service, you can achieve customer loyalty. Some firms have some provisions like customer loyalty gift cards e.t.c What makes your customers coming back?
Favouring a particular brand.
Market Share
You build up your market share by marketing, maybe through advertisement and letting people know about you company and what you do.
Portion of market controlled by a company.
Suppliers
Distribution Channels
You need to have a wide distribution channel, you need to capture a huge chunk of the market. You need to decide who/ what your distribution channels will be.
Path through goods and services travel.
Partnership With Suppliers
Strong relationship between firms and suppliers.
You can build a string relationship by not owing your suppliers, being loyal to them and treating them with respect.
Service
Quality Of Service
Quality of service can be improved by staff training on good customer service.
Overall performance of service.
Customer Demand
If your products are of good quality and favourable to the public, customer demand will be very high and will lead to a high supply. By the law of demand and supply.
Number of products or services customers will buy.
