Any business has a specific target market(s). ‘Markets’ can be defined and grouped in different ways such as by geographical location, demographics, customer type or a combination of several elements. This concept is relatively easy to understand but the tricky question lies in defining a market leader. The word ‘market leader’ seems to have different meanings for different people. Most importantly though what does it mean for your customers? They are the ones who are buying your products so you need to know how they define it, not just how you define it. According to an online business dictionary it means:
A brand, product, or firm that has the largest percentage of total sales revenue (the market share) of a market. A market leader often dominates its competitors in customer loyalty, distribution coverage, image, perceived value, price, profit, and promotional spending.
This definition includes a variety of elements and some market leaders dominate in all categories whilst others might only dominate in a few of them. When specifiers and architects are choosing building products, what is most important for them and how do they a define market leader? Do they focus on the company with the largest sales volume and profits, the widest distribution network, the best proven product performance?Read More