A market strategy is ________
A) a concerted pattern of actions taken in the market environment to create value by improving the firm's economic performance
B) a concerted pattern of actions taken in the nonmarket environment to create value by improving the overall performance of a firm
C) an elaborate and systematic plan of actions to achieve successful market capitalization
D) usually never used by firms that decide to enter a country that has open markets or trade barriers

Question

Quizplus · Accepted Answer

A market strategy refers to a set of actions taken by a firm in the market environment to improve its economic performance by creating value for customers and stakeholders. It includes decisions related to product positioning, pricing, distribution channels, promotion, and customer relationship management. Nonmarket strategies, on the other hand, focus on the political, social, and environmental factors that affect a firm's performance but are outside the market domain. Market strategies are crucial for firms to achieve sustainable competitive advantage and long-term success in the marketplace.

A Market Strategy Is ________