Strategy to increase market share

I need to prepare a case study to increase market share. And it consists of 3 points:
-Market Model Preparation
-Internal and external marketing research
-Tools used in target delivery.

I just don't understand what is needed from me in each point. Especially the 3rd one (tools used in target delivery) Maybe someone can explain in details. thanks in advance!

 

Well, these are better questions for the person who wrote the bullet points, but I am willing to take a guess at them:

Market Model Preparation

What factors are you going to research and measure to define and better understand the market? Which of those factors will be used to determine an increase in market share? Which of those factors might positively affect market share growth? What risks are involved? In effect, what is the "formula" that you are going to use to understand and, ultimately, use to cause positive change in market share? You will be looking at things like overall market size, market size by niche; current and historical market share; existing competition; emerging competition; potential annual growth of market; potential market changes; etc. Of course, this is also the point where you have to define the specific goals to achieve market share success. You may also want to include a realistic budget to achieve market share growth.

Internal/External Marketing Research

What resources and sources will you use to develop the data to put into your model once you have developed it? For example, for internal sources you can use the company's revenue data. You may also be able to use input from sales or marketing folks out in the field (especially for competitive information.) For external data, you can use the Internet, various commercial databases, consulting reports, etc.

Tools used in Target Delivery

I am guessing that this bullet is asking for the actual marketing efforts/campaigns that you will recommend to achieve market share growth based upon what you learn in the first two steps. Your analyses may indicate that it is wise to focus on a particular market niche or target a specific competitor's client base or perhaps go after an emerging market and you need to have a plan to do so. If no budget limitations have been included in the exercise, you have free rein to spend big on the marketing campaign!

 

Thanks for such a good reply!

But won't be the first bullet point and the last one kind of the same? So if the company sells wooden tables, for example. And I suggest, lets say a) reduce the price b) increase distribution through small stores c) special offers. Buy a table and get 30% of on buying chair.
So won't it be goals to achieve market share growth (which is 1st bullet point) and Tools used in Target Delivery (3rd point) at the same time? Just a little bit confused.

 

Well, you are listing above potential recommendations that you might make at the very end of the entire process. For example, you would need to first discover whether the company is in a financial position to offer a discounted price before you can recommend that they do so. Or does it even make sense if the company is already the low-cost competitor? Or is the market even price sensitive? Obviously, you need a long list of such questions to ask in the first Bullet to be sure that you are covering all of the issues.

The first bullet is all about conceptualizing (modeling) what the entire landscape of the problem is, including an agreed upon milestone(s) for success, all aspects of the market, company capabilities to support this effort, risks, opportunities, etc. You are not coming to conclusions in the first bullet; you are instead setting up the blank form with all of the variables that you will need to consider and likely research to get the complete picture of this project.

The second bullet puts real numbers and other data into the variables from both internal and external sources.

The third bullet analyzes the structured information developed from the effort from first two bullets, draws conclusions, and then suggests recommended approaches to achieve the ultimate goal, which is market share growth. The important point is that it is a logical process in which your final recommendations as to how to proceed are backed by sound modeling, research, and analysis which marketers have to do all of the time to get their projects funded.

I will repeat, however, that the best person to ask about this is the one who charged you with this activity as one or more of my assumptions may be incorrect.

 

Okay Thank you very much!

PS - the first part will be just a methodology or description of the steps, because the company is fictional

 

I kind of assumed that this was for a class project. Good luck and let us know how it goes!