Definition of Market challenger:
Challenging the market leader on price (direct approach).Increasing product differentiation.Improving customer service (indirect approach).Launching an entirely new product or service in order to change the field (radical approach).
A company aggressively working to obtain the market share of its competitors. A market challenger is a current non-market leader actively trying to move up within their industry.
A market challenger is a firm that has a market share below that of the market leader, but enough of a presence that it can exert upward pressure in its effort to gain more control. Market challengers are able to jockey for industry leadership in several ways:.
How to use Market challenger in a sentence?
- Several of the most high profile technology companies today started as market challengers; for example, Facebook challenged both MySpace and Friendster to become the world’s largest social network.
- Market challenges can vie for industry leadership through both direct and indirect ways, such as being competitive based on price, product differentiation, customer service, or new products.
- A market challenger is a firm that has a market share below that of the market leader, but enough of a presence that it can exert upward pressure in its effort to gain more control.
Meaning of Market challenger & Market challenger Definition