The first step in initiating competitive marketing strategies is to ________.
A) balance customer and competitor orientations
B) design broad competitive marketing strategies
C) assess long-term organizational objectives
D) conduct competitor analysis
E) conduct transaction analysis

Question

Quizplus · Accepted Answer

To initiate competitive marketing strategies, the first step is to conduct competitor analysis. This involves identifying the strengths and weaknesses of competitors, their marketing strategies, and their market share. This helps a company to understand the competitive environment and to develop effective marketing strategies to gain a competitive advantage. The other options may be important in the process of developing competitive marketing strategies, but conducting competitor analysis is the crucial first step.

The First Step in Initiating Competitive Marketing Strategies Is to ________