Competitor Analysis for Start-ups

What is the first step in identifying competitors for a start-up business?

• Conducting a SWOT analysis

• Analysing customer feedback

• Researching the market to find similar businesses

• Setting competitive pricing models

Which of the following is NOT a component of a SWOT analysis?

• Strengths

• Opportunities

• Threats

• Pricing

What does the 'W' in SWOT analysis stand for?

• Weaknesses

• Wealth

• Wins

• Workforce

Which strategy involves positioning a product as the most affordable option in the market?

• Differentiation strategy

• Cost leadership strategy

• Focus strategy

• Diversification strategy

Match the following methods with their impact on industry trend monitoring.

• Potentially losing market share

• Increasing product prices

• Decreasing brand visibility

• Ignoring competitors

• Staying informed about market dynamics

• Reading industry reports and publications

• Overlooking market changes

• Reducing marketing efforts

(a)   is a competitive pricing model.

• Cost-plus pricing
• SWOT analysis
• Market segmentation
• Customer feedback

What is the primary goal of market positioning strategies?

• To increase production costs

• To establish a brand's image in the consumer's mind

• To reduce employee turnover

• To eliminate all competitors

Which of the following is a qualitative method of customer feedback analysis?

• Surveys with numerical ratings

• Focus group discussions

• Sales data analysis

• Website traffic analysis

What is the purpose of identifying competitors in business?

• To copy their strategies

• To understand the competitive landscape and improve one's own strategies

• To increase product prices

• To reduce marketing efforts

Which of the following is an example of a threat in a SWOT analysis?

• A new competitor entering the market

• A strong brand reputation

• High customer loyalty

• Innovative product features