|07: MARKETSHARE Know how to fight.|
Quality is the key route to increasing market share. Market leaders tend to share several key characteristics: They tend to have higher quality than their competitors. They compete on quality not price. They tend to benefit from unique proprietary rights such as copyrights, distinctive trademarks, patents, and trade secrets. These proprietary rights provide them with unique sources of quality. “Quality” amounts to no more than delivering those products and services customers most want. This type of quality is NOT the conformance to the specifications type of quality that most engineers focus on, but is instead conformance to customer wants of the type most marketers focus on. They needn’t be of particularly high quality just superior to that of your competitors. Don’t buy market share with low prices. This is self-defeating and capital intensive. The value of what you gain is eaten up by its cost of acquisition.