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Market Leader: The market leader is exactly what the name says — the leader of the market where the brand exists. It’s important to point out that the market leader isn’t necessarily the first-to-market. Those are pioneer brands, and they can be surpassed by other brands that enter the market later and steal the market leader position.
Market Challenger: A market challenger wants to aggressively steal market share from the market leader, and invests time and money into finding differentiators and creating marketing programs that enable the brand to exploit opportunities whenever they arise. And if opportunities don’t arise, the market challenger will seek ways to create innovative opportunities. The classic example is the ongoing Coke vs. Pepsi rivalry.
Market Follower: A market follower seeks to gain market share but is less interested in differentiating its brand from the market leader. Instead, the market follower effectively rides on the market leader’s coattails while positioning its brand just far enough away from the market leader to be different. A great example is any young adult novel that’s marketed as “the next Harry Potter.”
Market Pioneers: They are the ones who introduce a new product
A market leader is a company that has the largest market share in an industry, and which can use its dominance to affect the competitive landscape and direction the market takes. Companies may be the first to develop a product or service. This allows them to set the tone for messaging, define what the ideal product characteristics are, and to become engrained in the public eye as the brand that consumers associate with the product itself.
Market pioneers can develop first-mover advantages that span decades. The most general
first-mover advantage that helps explain higher pioneer market share levels is a broad product line or
brand proliferation. In markets for experience goods, pioneers tend to shape consumer tastes and
preferences in favor of the pioneering brand. While the preliminary results vary by industry, they
indicate that market pioneers do not tend to perish more often than later entrants. Accounting profits
for market pioneers generally are lower in the first four years of operation, but higher thereafter.
Overall, market pioneers follow innovative strategies that have high initial costs and risks, but yield
high potential returns.
A company that allows other more dominant firms to lead the way within the marketplace that it does business in. For example, a smaller business that is a market follower might keep close tabs on the activities at major market leader firms and seek to copy or improve upon the leader's product releases and marketing efforts.
A firm that has a market share below that of the market leader, but enough of a market presence that it can exert upward pressure in its effort to gain more control. Market challengers are able to jockey for industry leadership several ways: challenging the market leader on price (direct approach), increasing product differentiation or improving customer service (indirect approach), or launching an entirely new product or service in order to change the field (radical approach).
Based on Innovation marketing strategies which firms adopt in global markets:
-Market Pioneer/first mover: The first firm to enter a new product market.
-Market Follower(s): All firms that enter the market after a pioneer.
-Successful follower (challenger) : A follower that has gained dominant market share, becoming the market leader in a product category.
-Innovators (market leader): Any firm—regardless of its order of entry—that breaks existing performance trade-offs through a combination of activities or technologies.
THANKS FOR INVITATION AGREE WITH ALL ANSWERS ..................
A market leader is a company that has the largest market in an industry, and which can use its dominance to affect the competitive landscape and direction the market takes. Companies may be the first to develop a product or service. This allows them and to become engrained in the public eye as the brand that consumers associate with the product itself.
Market pioneers
Market follower
Act of enhancing or making better in terms of quality, value or usefulness. This can be by making ideas, objects or processes more desirable by adding or removing components. The term can be also be applied to people as well, via methods such as performance reviews which are meant to try and improve an employee in some manner
Market challenger
A company aggressively working to obtain the market share of its competitors. A market challenger is a current non-market leader actively trying to move up within their industry.
I fully agree with the answers been added by EXPERTS............Thanks.
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Fully agree with answers given by colleagues Rami Assaf and Mrs. Ghada
2.Market Pioneer :A company that is a first in its field to start a business or launch a product.
3. Market followers:A number of small companies that choose to follow the leader in its market strategies.
4. Market Challengers:Companies that aggressively tries to enter a market or change some of its rules.
I agree strongly with Majid.
Thanks for the invite, I agree with the rest of the answers
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