Ashley is a mid$-$level manager at a running shoe company. Sales have been declining due to a new competitor entering the market with a lower$-$priced shoe. The company is known for its high$-$quality, premium running shoes. Management has asked her to brainstorm strategic options.

What is the FIRST step she should take to develop a strategic response to this situation?

a$.)$

Benchmark her competitor's shoes to see what features they offer.

b$.)$

Launch a marketing campaign to emphasize the quality and brand heritage of her company's shoes.

c$.)$

Develop a plan to immediately cut production costs to reduce shoe prices.

d$.)$

Conduct a SWOT analysis to identify the company's strengths, weaknesses, opportunities, and threats.