the two main ways in which marketers address the competition with their strategies are by satisfying a need better than the competition and by_______
entering new markets
offering a lower price
positioning the product
segment the market
differentiating the product or brand.
segmenting the market.
To complete the statement, the two main ways in which marketers address the competition with their strategies are by satisfying a need better than the competition and by positioning the product.
Here's an explanation of each option:
1. Entering new markets: This strategy involves expanding into new geographic locations or demographic segments that have not yet been targeted by the competition. By entering new markets, marketers aim to capture untapped opportunities and gain a competitive advantage.
2. Offering a lower price: Price is a critical factor for many consumers when making purchasing decisions. By offering a lower price than the competition, marketers can attract price-sensitive customers and potentially gain market share.
3. Positioning the product: Positioning refers to the way a company presents its product or brand to target customers in relation to the competition. Marketers strategically position their products by highlighting unique features, benefits, or attributes that differentiate them from competitors. This helps them create a distinct identity and appeal to specific customer segments.
4. Segment the market: Market segmentation involves dividing a larger market into smaller, homogeneous groups based on similar characteristics or needs. By understanding and targeting specific market segments, marketers can tailor their strategies, messaging, and offerings to meet the unique needs of these segments more effectively.
In summary, while entering new markets, offering a lower price, and segmenting the market are important strategies for marketers, in the given context, the other relevant option is positioning the product.