What should the company do to maintain and improve its market position

This is a very broad question, and a very broad answer to this is that a company need to adopt appropriate marketing policies and practices to maintain and improve its market position. What are these appropriate marketing policies will be determined by the nature of its products, its markets, and the strengths and capabilities of the company itself.

Experts have suggested many different ways for analysing these influences on marketing and defining the appropriate marketing approach for specific situations. One such approach is called "4 P's" of marketing, also known as marketing mix. The four P's of marketing are:

1. Product; This refers to product features like variety, design, quality. services, and brand name.


2. Promotion: This refers to all the communication with the customers to promote and sell the product. It includes activities like advertising and selling.


3. Price: This refers to the price customer pays for the product including the various components of the price and price structure.


4. Place: Place refers to the locations where the products is available. This is determined primarily by the distribution channel and associated activities like warehousing and transportation.

A company must think about the nature of all the above four components of marketing mix that it offers to the market and ensure that these are matching the requirements of the market as well as the company's resources, capabilities and objectives. Also it is important that these four components of marketing mix mesh well with each other.