Marketing Strategies for a Newly Opened Delicatessen Essay

Marketing Strategies for a Newly Opened Delicatessen - Essay Example Among them the following marketing strategies have received the attention of many analysts and researchers (Rosenbaum, 1998). Initially market dominance strategies acquired much greater recognition. These strategies are based on the understanding that any marketing strategy must have as its core objective the domination of the market. In other words the firm seeks either to lead, challenge, simply follow or develop a niche market (Treacy & Wiersema, 1997). According to market dominance strategies the typical behavior of the market dominating firm is to set prices (price leadership) or set a quantity (market leadership). Challengers do not have the same amount of market share or power. But nevertheless they are in a better position to challenge the market leader. Challengers usually have one or few advantages associated with such areas as technology, Research & Development (R&D) and so on (Cooper, 2001). On the other hand firms which do not have anything of the above capabilities would follow the market leader especially in price. Finally the firm which seeks to develop a niche market will do so without con centrating its resources much on wider strategic marketing initiatives. For a newcomer what matters first and foremost are the resource capabilities and an appropriate product placement strategy. For example The word â€Å"delicatessen† is a loanword in the English language borrowed from German. In German language it means delicacy or delicacies. However in English it has undergone a phenomenal shift in nuances. However this paper would take its secondary meaning which refers to a shop or a market where delicacies such as foie gras, caviar, truffle mushrooms, charcuterie, red wine, gourmet chocolate and so on are sold and eaten ( www.cba.ufl.edu) . An entrepreneur of a delicatessen has no much choice except to target a particular segment of consumers in the market. Even the choice of location is limited by the fact that many downtowners happen to visit