The first step in developing successful, customer value- based strategies is:
A) developing competitive strategy.
B) competitor analysis.
C) positioning the company against competitors.
D) conducting a five forces analysis.
E) determining the long- term growth strategy.

Question

Quizplus · Accepted Answer

Before developing strategies, it is important to conduct competitor analysis to understand the market and competitive landscape. This will help in identifying the customer needs and preferences, which can be used to develop customer value-based strategies. Developing competitive strategy, positioning, conducting a five forces analysis, and determining long-term growth strategy are all important steps in the strategy development process, but they come after competitor analysis.

The First Step in Developing Successful, Customer Value- Based Strategies