which of the following are 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
offering a lower price
positioning the product
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.
The two main ways in which marketers address the competition with their strategies are by satisfying a need better than the competition and by choosing the correct option: "positioning the product." To arrive at this answer, let's evaluate each option:
1. Entering new markets: This option refers to expanding into new geographic markets or targeting new customer segments. While it is a strategy that can be employed by marketers, it is not directly related to addressing competition.
2. Offering a lower price: This is a common strategy used by marketers to gain a competitive advantage. By pricing their products or services lower than their competitors, they aim to attract more customers. However, this option is not mentioned in the question.
3. Positioning the product: This option is the correct answer. Product positioning refers to how marketers differentiate and position their products or services in the minds of their target customers. It involves creating a unique and favorable perception of the product compared to the competition, emphasizing its distinct features, benefits, and value proposition.
4. Segment the market: Market segmentation is the process of dividing a larger market into smaller, more homogeneous segments based on various criteria such as demographics, psychographics, or behavioral factors. While it is an important marketing strategy, it is not specifically mentioned in the question as one of the ways to address competition.
Therefore, the correct answer is "positioning the product."