The product market component of strategy refers to
A) price and market position
B) size of the target product market
C) product and market choice
D) the consumer needs of the target product market

Question

Quizplus · Accepted Answer

The product market component of strategy refers to the selection of the specific products and markets that a company will target. This includes decisions about product features, branding, distribution channels, and advertising. It also involves identifying the specific customer needs and preferences within the chosen market, and tailoring the product and marketing strategy to meet those needs. Price and market position (A) are important considerations, but they are not the complete focus of the product market component. The size of the target product market (B) is relevant, but it is not the only or most important factor in determining the product and market strategy. The consumer needs of the target product market (D) are a key part of the product market component, but they are only one element of the broader strategy.

The Product Market Component of Strategy Refers to