What is the first step in designing a channel strategy?

A) benchmarking the firm's capabilities
B) understanding customer needs
C) assessing channel alternatives
D) evaluating intermediaries

Channel Strategy

The planning and execution of distributing a product or service through the most effective and efficient means to reach the end consumer.

Benchmarking

The process of measuring a company’s performance, practices, or products against those of leading competitors or industry standards to identify areas for improvement.

Understanding Customer Needs

The process of identifying and analyzing the desires, problems, and requirements of a business's target audience to create more effective products or services.