Asked by Linda MyPhuong on May 08, 2024

verifed

Verified

While developing a comprehensive marketing strategy,a firm needs to determine where it will conduct business.Which tool would be most useful?

A) experience curve matrix
B) product-market growth analysis
C) SWOT analysis
D) Porter's generic strategies

Product-Market Growth Analysis

An analytical tool used to determine the best strategy for business growth by analyzing existing and potential products and markets.

SWOT Analysis

A strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.

Porter's Generic Strategies

A framework that outlines three strategies for achieving competitive advantage: cost leadership, differentiation, and focus.

  • Identify and apply various strategic tools and analyses, such as SWOT analysis and product-market growth analysis.
verifed

Verified Answer

JP
Joseph PalezyanMay 14, 2024
Final Answer :
B
Explanation :
Product-market growth analysis would be most useful in determining where a firm will conduct business. This tool helps identify new markets for the firm to enter and whether to penetrate existing markets further. It considers factors such as market size, growth potential, competition, and the firm's strengths and weaknesses. The other options listed (experience curve matrix, SWOT analysis, and Porter's generic strategies) are useful in developing a comprehensive marketing strategy but do not specifically address the question of where to conduct business.