Market share is an essential element of modern business as its higher showings help to achieve a competitive advantage and create the basis for the companies’ growth. For this reason, multiple tools and strategies are used to grow the share and achieve success. As for the company operating in the cinema business in the UAE, it should also be focused on attempts to acquire better results. In this regard, some specific strategies can be recommended regarding the situation. However, there is a need for an in-depth analysis of the existing market conditions to create a sufficient plan.
At the moment, the cinema industry in the UAE is on the rise. The high speed of economic development preconditions the appearance of the funds that can be invested in art and entertaining spheres. For this reason, the forecasts state that in the next several years, the sector will grow at a steady rate (Sadaqat, 2018). Moreover, the increase in the population of the country, their income, and well-being establish the conditions beneficial for the rise of this industry.
At the moment, the target audience is diverse and characterized by multiple demands for the content and quality of products (Sadaqat, 2018). That is why companies operating in the cinema industry can enjoy the growing demand for services offered by them. Additionally, global corporations are also interested in the region as its position at the international level becomes stronger, and more and more firms are ready to work there (Bedirian, 2019). The given boom in the cinema industry can be used by companies operating in the industry to generate additional income and create the basis for the further rise.
Regarding the given background, the following plan of actions to grow the market share can be offered:
- Increase engagement and cooperation with customers
- Generate a competitive advantage by meeting current clients’ needs
- Create a unique and innovative brand position
- Consider the demands of the audience that are disregarded by other companies
- Evaluate the outcomes and introduce changes if needed (Kotler & Armstrong, 2017)
The offered plan of action and the peculiarities of the cinema market in the UAE precondition the employment of specific strategies that can help to achieve success. First of all, the competitive advantage can be generated by innovating the work of the company and using such elements as IMAX or 3D to attract new clients as these technologies are popular in the UAE (Bedirian, 2019). Moreover, it will guarantee that individuals will use only the firms’ services (Kotler & Armstrong, 2017).
Another strategy presupposes the evaluation of the clients’ needs as it is the key to the acquisition of their loyalty. Moreover, by assessing the needs of niche audiences, the firm will be able to broaden its target audience and increase market share, which is one of its primary goals at the moment.
Altogether, the cinema industry in the UAE experiences a high speed of its growth at the moment. For this reason, multiple firms are trying to benefit from this tendency and increase their market share. The plan to achieve this goal can presuppose and increased engagement and cooperation with clients, evaluation of their needs, and consideration of demands to increase sales and generate revenues. The outlined strategies will contribute to the achievement of the goal, stimulation of the further evolution of the brand, and the creation of the basis for becoming the leading actor in the UAE cinema sector.
Reference List
Bedirian, R. (2019). UAE and Saudi to join top leading markets for global box office revenue by 2030. The National. Web.
Sadaqat, R. (2018). Lights, cinema, action: GCC cinema industry set to boom. Khaleej Times. Web.
Kotler, P., & Armstrong, G. (2017). Principles of marketing (17th ed.). New York, NY: Pearson.