Positioning is a step in strategy formulation that defines how firms will compete in the marketplace.

Question

Quizplus · Accepted Answer

Positioning is a crucial step in strategy formulation as it helps a firm to define and differentiate its products or services from its competitors in the marketplace. It involves identifying the target audience, understanding their needs and preferences, and creating a unique value proposition that appeals to them. By positioning itself effectively, a firm can gain a competitive advantage and increase its market share. Therefore, the given statement is true.

Positioning Is a Step in Strategy Formulation That Defines How