E II OBJ 4.02 MC

One reason why it is often important for businesses to conduct a competitive analysis is to identify

• external threats

• potential vendors

• economic conditions

• future employees

Which of the following is an activity that a business performs when conducting a competitive analysis

• Sets productivity goals

• Monitors rivals' marketing strategies

• Calculates income data

• Develops selling procedures

One way that a business can learn about its competitors' activities is by

• developing product specifications

• evaluation intranet efficiencies

• reviewing secondary data

• identifying communication barriers

Competitive Analysis

• strategy where you identify major competitors and research their products, sales, and marketing strategies

• your direct competition; competitors that are targeting your same audience, have a similar product offering, or both

• two or more businesses offer a different high-end or low-end version of your product or service to a similar market

• activities a company undertakes to promote the buying or selling of a product or service

Primary competition

• strategy where you identify major competitors and research their products, sales, and marketing strategies

• your direct competition; competitors that are targeting your same audience, have a similar product offering, or both

• two or more businesses offer a different high-end or low-end version of your product or service to a similar market

• activities a company undertakes to promote the buying or selling of a product or service

Secondary competition

• two or more businesses offer a different high-end or low-end version of your product or service to a similar market

• strategy where you identify major competitors and research their products, sales, and marketing strategies

• your direct competition; competitors that are targeting your same audience, have a similar product offering, or both

• activities a company undertakes to promote the buying or selling of a product or service