Identify the First Decision a Company Has to Make as Part

question 51

Multiple Choice

Identify the first decision a company has to make as part of its business strategy.

• A)Choose a market in which to compete.
• B)Choose a competitor to compete with.
• C)Decide what unique value to offer to customers.
• D)Decide ways to maintain a competitive advantage.

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Definitions:

Positioning Statement

A brief description that highlights how a brand or product uniquely meets the needs of its target market, differentiating it from competitors.

Premium-priced Automobile

Vehicles sold at a price above the average market rate due to their perceived quality, brand prestige, luxury, or performance features.

Niche Positioning

The strategy of targeting a specific, often small, segment of the market with tailored products or services, aiming to meet unique needs or preferences.

Extreme Sports Themes

The incorporation of extreme sports elements into various contexts, like marketing, to appeal to audiences interested in high-risk activities.