Answer:
To survive in the market, Reggie & Co. needs to take certain initiatives like;
• Differentiate their products
•Know the weakness and strength of the new competitor
•Embark on aggressive marketing
•locate new markets
Explanation:
A firm experiencing dip in sales as a result of stiff competition must take certain initiatives like;
°Differentiate it's products. Product differentiation is one of the many ways of attracting and retaining customers. Where there is dip in sales as a result of competition, further research should be made on how to make the product better hence meeting customers needs and expectation. The products can also be modified to make it unique such that it will be easily identified by the buyers.
°Know the weakness and strength of the competitor. A firm who feels threatened as a result of new competitor must make extensive research in terms of the weakness and strength of the products offered by the competitor and try to improve on them. There should also be research on what the new firm is doing that is attracting buyers, imbibe and further improve on those things.
°Embark on aggressive marketing. A firm that wish to win back it's lost customers, gain new customers and have improved sales must embark on aggressive marketing. Other promotional means could be attached to the marketing like sales promotion.
°locate new markets. If the existing market have been saturated by the new competitor, the firm that is feeling threatened should locate new market for it's products for improved sales.
Answer: it’s the last sentence
Explanation: the sales of Reggie & Co. have been dipping exponentially. To survive in the market, the firm needs to take certain initiatives.
