Which of the following are true of a successful product-market? (Check all that apply.)

Question

Multiple select question.

It can be accurately described as the opportunities and threats in a given market.

It helps focus and sharpen a firm's marketing strategy.

It is defined as the scope of the market in which a firm will compete.

It provides insight into potential cost-cutting strategies for production managers.

Answer 1

In a successful product-market, the following statements are true:

1. It helps focus and sharpen a firm's marketing strategy. - True. A clear product-market understanding aids in crafting targeted marketing strategies.

2. It is defined as the scope of the market in which a firm will compete. - True. A product-market definition outlines the specific market segment where a company aims to position its offerings.

The other options do not accurately reflect the characteristics of a successful product-market:

• It can be accurately described as the opportunities and threats in a given market. - This statement is more aligned with a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) rather than defining a product-market.

• It provides insight into potential cost-cutting strategies for production managers. - While understanding a product-market can indirectly influence cost strategies, it is not a primary characteristic of a successful product-market.

So the correct options are the second and third statements.