Hi Elizabeth, I absolutely support your thoughts on the most proficient method to manage rivalry in the industry.
In business, when rivalry emerges, change of premises may be a method of settling the issue however not in this case since the entrepreneur owns the reason. Different problem solving variables to be considered when it comes to beating rivalry are advertising on social media, evaluating of her merchandise, and guaranteeing that items are remarkable on the market.
To begin with, ads via social media is a smart thought.
Since numerous individuals are presently going digital, and this platform offers free marketing, the objective to achieve more awareness will be simple. The benefits that she is going to gain from online marketing include increased brand recognition, improved brand loyalty, more opportunities of people to convert to her brand and higher conversion rates as people are associated with their products and customers prefer doing business with people and not companies (DeMers, 2014).
Second, about pricing of her goods
, I would advise her to do pricing that meets competition since Wal-Mart just moved near her place. In relation to pricing, the three most important factors to consider are "quality in production, better service, creativity in advertising as discussed above or some other element of the marketing mix that attract customers who are interested in products in a particular price category" (Boundless, 2016). If she considers these three, then she has better chances of staying in business.
Lastly, if her products were unique in the market
, she would still maintain her customers, but since Wal-Mart is her competitor, they could introduce similar products as hers. Since this is a possibility, she needs to create a good rapport with her customers, make a personal brand, and have a passion for making her shop do well, practice agility and innovation (Moore, 2014).
References
- Boundless. "Price Competition." Boundless Marketing Boundless, 20 Sep. 2016. Retrieved 26 Jan. 2017 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/pricing-8/competitive-dynamics-and-pricing-58/price-competition-291-7302/
- DeMers, T. (2014 Aug 11). The top 10 benefits of social media networking. Retrieved 26 Jan 2017 from http://www.forbes.com/sites/jaysondemers/2014/08/11/the-top-10-benefits-of-social-media-marketing/#d0635912a4d2
- Moore, P. (2014 Jun 10). 10 Ways Small Business Can Compete in a Big Business World. Retrieved 26 Jan.2017 from http://www.pammarketingnut.com/2014/06/10-ways-small-business-can-compete-in-a-big-business-world/
