Question

When developing a go-to-market strategy a firm must be aware of seven key elements, three of which are that it: when developing a go-to-market strategy a firm must be aware of seven key elements, three of which are that it:

a. takes a customer perspective, guides promotions, and leads to differential advantage.
b. takes a supplier perspective, guides decisions and actions, and leads to differential advantage.
c. knows consumers' buying preferences, services and after sales support consumers seek, and financing needs.
d. knows consumers' buying preferences, willingness to pay for extras, and supplier availability.

Answer 1

The three key elements that a firm must be aware of when developing a go-to-market strategy are taking a customer perspective, guiding promotions, and leading to differential advantage. Therefore, the correct option is A.

Step-by-step explanation:

When developing a go-to-market strategy, a firm must consider seven key elements. Among these, three crucial components hold particular significance:

1. Taking a customer perspective to understand and satisfy consumer needs and preferences.
2. Guiding promotions to effectively communicate the product's value proposition and benefits to the target market.
3. Leading to differential advantage by setting the firm's offerings apart from competitors, thereby creating unique selling points. This can be achieved through various means, such as physical aspects of the product, location from which the product is sold, intangible aspects like guarantees or quality reputation, and carefully crafted perceptions of the product.

In the context of the presented question, option (a) is the correct answer as it encompasses a customer perspective, promotes the idea of guiding promotions, and achieving differential advantage.