Competitor analysis and target audience

What is a primary objective of competitor analysis?

• To copy competitors' strategies

• To identify competitors' strengths and weaknesses

• To increase advertising budget

• To merge with competitors

How many competitors should you typically analyze in a competitor analysis?

• Only one, the market leader

• A few key competitors, usually between 3 to 5

• Every company in the specific industry

• None, focus only on internal strengths and weaknesses

In competitive analysis, what is a "direct competitor"?

• A company offering the same products or services to the same target market

• A company operating in a completely different industry

• A company that is a partner or collaborator

• A company with different business goals

Which of the following best describes the concept of Points of Parity (POPs)?

• Unique features that differentiate a brand from its competitors

• Attributes or benefits that are shared among competitors within a category

• The total number of competitors in a market

• Customer loyalty metrics

What does the term Points of Difference (PODs) specifically refer to in marketing?

• The price points at which products are sold

• The common features shared by all brands in a category

• The unique attributes or benefits that distinguish one brand from its competitors

• The distribution channels used by a brand

When developing a marketing strategy, why is it important to consider both POPs and PODs?

• To ensure the brand meets basic customer expectations while also standing out from competitors

• To increase the overall cost of marketing campaigns

• To blend in with market leaders

• To solely focus on price competition

What is the first step in a competitor analysis?

• Identifying your own company's strengths

• Defining the industry and competitors

• Implementing competitive strategies

• Setting competitive goals

A brand’s POPs should ensure that:

• Customers do not consider other brands

• The brand meets the basic expectations of the category

• The brand is radically different from all competitors

• The brand sets a new trend in the market

In competitor analysis, the term “competitive advantage” refers to:

• The number of competitors in the market

• The competitor’s market share

• Superior skills or resources that allow a company to outperform its competitors

• The overall economic conditions affecting the market

Which of the following statements is true about competitive analysis?

• It should only be done once every five years

• It’s a continuous process for long-term success

• It’s not necessary for small businesses

• It only focuses on direct competitors