To create a monopoly of a product or company, you have to follow certain strategies. And you can easily create monopoly of your product or company. Observe your product or company carefully. And find out what is unique in it? The more your product is unique and different. Creating monopoly will be as easy for you.
There are as many big companies nowadays. She wants to create monopoly in the market. You can take the example of Reliance Jio in India. These days there is a battle to create monopoly in the telecom sector.
In such a situation, you can also create a monopoly market for your company’s product. The biggest advantage of creating monopoly is that the competition in the market is over. And you are more profitable in business.
Loss leading product monopoly
If you have no shortage of funds, you can create loss leading monopoly. To create loss leading monopoly, you have to give huge discounts to the customers. If you give huge discounts to customers, then your competitors are not able to give that much discount. And your monopoly is created.
Because your competitor is unable to compete with you and gets out of the market. However, to create monopoly in this way, you will need huge funds.
We are giving you the example of Reliance Jio here. Reliance Jio gave internet and calling to its customers for free for almost 2 years. Due to this, Reliance Jio’s competitor companies Vodafone Idea and Airtel got into a huge financial crisis. And today Reliance Jio has the highest market share in the market. The market share of Jio continues to grow.
Experts are hoping that only Reliance Jio will become monopoly in the telecom sector in the coming time. And if this happens, Reliance Jio will have huge profits in the coming times. You can also clear such monopoly for your product and company.
If your monopoly is created in the market. So you can easily convince investors to invest in your company. If the investors have to prepare on their own terms to invest in the company, then monopoly has to be created in the market.
Network and Product Availability Monopoly
If you do not have funds, then there is nothing. Make your network strong enough to attract customers to you. Remember that the product will reach the customer as easily as possible. The same reach and monopoly will be created on your market. The company whose network is stronger. His monopoly is equally high in the market.
It is often seen that your competitor companies do not have such a strong network. And I get out of the market. By taking advantage of this weakness, you can create monopoly market of your product or company.
You should not pay attention till you deliver the product to your customers. After this, pay attention to service as well. If you look at big companies like LG and Samsung, then they also have a strong network of after sales service. And customers have easy access to their service center. If you create a similar network for your product or company, then you will automatically create monopoly in the market.
Unique product monopoly
Look at your product or company carefully. And find out what is different in it? If your product is unique, then you can easily create monopoly in the market. You will not have to do any extra hard work for this.
If your product is alone in the market and has unique characteristics, then you only have to focus on marketing. And whatever is unique in your product. It has to be promoted as much as possible. In this way you can easily create monopoly of your product in the market.
Remember, you constantly improve the unique features of your product. Otherwise, your competitors will sell the product at a lower price by bringing the same features as you, and your monopoly will continue to threaten to end. In such a situation, you should spend continuously on research and development. And maintain the uniqueness of your product. The number of days your product will remain unique. Your product will continue to be sold in the market like monopoly.
Remember that if you want to sell a product in the market with your terms and prices, then your product must be unique. It is an essential condition of the market.
We are giving you an example of iPhone here. If you look at the iPhone, Apple has a unique operating system. Due to this, the monopoly of iPhone has been created in the mobile market today. And he is not going to be challenged. Android comes with a lot of smartphones. But the iOS operating system is only visible in Apple’s smartphone. In such a situation, even if the Apple company keeps a higher price for its product, the customer still has to buy his mobile phone. While this monopoly is not able to create in Android. Because all companies have almost the same features. In such a situation, you can also create monopoly in the market by making your product unique.
Supply chain monopoly
If you have a big supply chain. Even then you can create monopoly in the market. You enter more than one product market and create monopoly.
We are giving you an example here. Suppose you have a strong supply chain. With which you reach the customer easily. So you can create monopoly in the market by creating more than one product. If you create more than one product, then your market penetration will increase. And this will also increase your profits. In such a situation, you will be able to sell goods at a lower price than your competitor. Because there is no extra cost to deliver goods to the customer. In such a situation, you can easily create monopoly in the market. Keep in mind that the stronger your supply chain. The more monopoly you will be able to create in the market. If we look at the network of big companies, then they have a large supply chain. And they market more than one product. They are able to sell goods at a lower price than the market. And create monopoly in the market.
We give you Amul example here. Amul today has a strong supply chain. Due to which more than 250 products are being sold in the market. Due to this, today Amul has created Monopoly in the dairy sector. Look at your business carefully to see if you can create such a monopoly.
Low cost product monopoly
You will be able to keep the production cost of your product as low as possible. The more your monopoly will create in the market. If you are able to keep the price of your product from 20% to 30% lower than your competitor, then you automatically capture a big market. In such a situation, keep the manufacturing cost of your product to a minimum. With this you will be able to overtake your competitor. And your monopoly will be created in the market.
We give you the example of China here. Today the monopoly of all the products coming from China is all over the world. And no country can think of its economy without China’s products. Why did this happen? Because the cost of goods manufactured in China is low. And he is able to sell goods at a lower price than his competitor. That is why today a monopoly of China has been created in the whole world. In the same way, you should also keep the cost of your product to a minimum. With which you can manage to create Monopoly of your product.