Problem: A company's marketing strategy can be customer (i.e. you design your strategy by looking primarily at what your customers want) or competitor (i.e. you design your strategy based on the actions of your competitors) oriented. In reality, of course, companies do a little of both. For EACH one of the following 4 scenarios, identify which of the two strategies should be emphasized and why:
- A market leader in pharmaceuticals
- A market follower in a mature market
- A market nicher (i.e. a company focused on a small market niche) in interior decoration of luxury homes
- A market challenger in a mature market with low margins and significant economies of scale effect.