Ingredients of Market Leadership

Market leaders are considered the dominant power and determine the price, strategy, and intensity of promotion. They also usually become benchmarks for competitors in developing strategies. Following are high points of this position -

1. Factor of consideration
2. Operational excellence.
3. Product leadership.
4. Customer intimacy.

A company can establish itself as the market leader by being the first to offer a product or service. The product or service must be novel enough to attract a consumer base, and then the company must keep on top of consumer preferences to maintain leadership.