It is the role of every leader or every organization to ensure that their product or commodities are protected from commoditization or imitation in the present economy. This is called the copycat economy (Emily, 2012). In other starting businesses, many will be trying to distinguish which commodity to offer to the market. How can companies survive in the copycat market, according to this journal?
The first thing for a business to market its commodity amidst many other similar products is to use a language with a personalized value. This promotes brand loyalty and makes our item less susceptible to price competition (Ferrel, 2013). Another strategy to use is price competition. Businesses should not approach customers, convincing them to buy their commodity because it is cheap. This approach does not reinforce brand loyalty. Another method is the thoughtful approach, and this is long established brand loyalty since its customers' childhood.
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Another approach is to reinvent, rebrand and reposition. The pharmaceutical industry mostly uses it. These industries use a clever where they use generic components and re-package them as a new solution to the problem. This approach leads to the production of a new product that is profitable.
A closer look at blue ocean strategy, chapter 4: developing competitive advantage and strategic focus.
This book "blue ocean strategy" presented a business strategy that encourages businesses to move from shark-endemic waters. It is the strategy of how to create a market with less competition (Carlyann, 2018). It suggests that companies should move to uncontested market spaces. These uncontested market spaces are referred to as blue oceans, while the contested ones are being referred to as red oceans.
This article gives the five forces which can help remodel a business into a profitable one. The key concept is to redefine the firm’s competition terms and move to the blue waters. The article also provides a framework of four questions that can help remodel a business. These four questions include: raise, asking of the factors that need to be raised above the company's standards. Reduce, asking what factors resulted from competition against other businesses and if they can be reduced. Eliminate, asking of the factors the company has long competed on and need to be eliminated. Create, asking of the factors that need to be created that the company has never offered (Ferrel, 2013). This framework guides leaders to discover the assumptions made unconsciously when competing and how to make a shift.
Finding the real green products, chapter 8: ethics and social responsibility
Green washing is the attempt to convey false information about how a company's product is environmentally friendly. It is usually a technique used to convince consumers how a company's product is safe for consumption (Will, 2021). A good example is when companies claim that their product is made from recycled materials or are energy saving, but actually, they are not. This has made the world's carbon emitters naming themselves as masters of the environment. However, how can the law protect consumers from such products, according to this journal?
Some regulatory bodies, such as the U.S federal trade commission, have the role of protecting consumers from green-washed products and ensuring that competition is healthy. It does that by offering guidelines on how consumers can differentiate healthy products from green-washed ones (Ferrel, 2013). These guidelines include that advertisements and packaging of products should be done in a language that is readable and understandable close. It also states that environment market claim should be specified whether it refers to the packaging or the product. The market claim should also not overstate its benefit to the environment. Product claims should also be substantiated to those of their competitors.
References
Carlyann, E. (2018). Blue Ocean Strategy: Creating Your Market. Business News Daily . Https://Www.Businessnewsdaily.Com
Emily, R. (2012). Marketing a Commodity. Helping Companies Expand Market Share & Revenues . Https://Www.Colemanmgt.Com
Ferrel, O & Michael, H. (2013). Marketing Strategy. Text and Cases Sixth Edition . Https://Www.Books.Google.Co.Ke
Will, K. (2021). Green Washing. Business Market Essentials . Https://Www.Investoedia.Com
