In terms of market position, firms may be classified as Market Leader, Market Challenger, Market Follower and Market Nicher. Briefly explain these terms.

Market Leader: The market leader is the one who controls significant market share. the goal of a market leader is to reinforce their prominent position through the use of branding to develop and maintain their corporate image and to restrict the competitor's brand. Market leaders may adopt unconventional or unexpected approaches to building growth and their tactical responses are likely to include: product proliferation; diversification; multi-branding; erecting barriers to entry; vertical and horizontal integration and corporate acquisitions. Market Challenger: The market challenger holds the next highest market share in the industry, following closely the most dominant player. Their market posture is generally offensive because they have less to lose and more to gain by taking risks. They will compete 'neck to neck' with the market leader in an effort to grab their market share. their overall strategy is to gain market share through product, packaging and service innovations and new market. Market Follower: Followers are generally content by taking a backseat and follow the policy of wait and watch. they rarely invest in their own funds in R&D and sit and relax to watch market leaders to bring out novel and innovative products and afterwards adopt a "me-too" approach. Their strategy is to maintain their market position by preserving existing customer base. Their strategy is to maintain steady profits by controlling costs. Market Nicher: The market nicher occupies a small niche in the market in order to avoid 'neck to neck' competition. Their objective is to build strong ties with the existing customer base and develop strong loyalty with them. Their strategy is to develop and build the smaller segment and protect it. Tactically, nichers are likely to improve the product or service offering, leverage cross-selling opportunities, offer value for money and build relationships through superior after sales service, service quality and other related value adding activities.