chapter 7.2

The data you collect about your competition is called

• competitive advantage

• competitive intelligence

• Competitive differentiator

A business in your market that sells a product or service similar to yours is a

• direct competitor

• indirect competitor

• neither

A business that sells a different product or service from yours but fills the same customer need or want in a

• direct competitor

• indirect competitor

• neither

Taco Bell and McDonald's are _______________________ competitors.

• direct

• indirect

• neither

_________________________ is something that puts your business ahead of the competition.

• competitive advantage

• competitive matrix

• both

A competitive matrix analyzes your ___________________ competition.

• direct

• indirect

• neither

A ______________________ is a unique characteristic that distinguishes your business from others.

• carrying capacity

• differentiator

• target market

Just because you have a competitive advantage today in your target market, it doesn't mean it will last.

• True

• False

The first step in market research is to

• identity research objectives

• Determine methods & sources

• Gather Data

• Organzie Data

The last step in market research is to

• identity research objectives

• Determine methods & sources

• analyze data

• draw conclusions