Asked by Gaurab Dhakal on Jun 04, 2024
Verified
When analyzing the strengths and weaknesses of a competitor,a marketer should first ________.
A) identify similarities with the competitor's product
B) determine the success factors in a market
C) predict the competitor's next actions
D) review fluctuations in the market
Success Factors
Critical elements necessary for an organization to achieve its mission and for ensuring its long-term survival.
Market Fluctuations
Variations in market conditions, such as changes in prices and demand, often influenced by economic indicators, market sentiment, and external events.
- Understand the critical sequential steps required to perform a thorough competitor analysis.
Verified Answer
MF
Makaela FranklinJun 08, 2024
Final Answer :
B
Explanation :
Before analyzing the strengths and weaknesses of a competitor, a marketer should first determine the success factors in a market. This will help to identify the areas where the competitor is performing well and where they may be falling short. It is important to have a clear understanding of the market and the factors that drive success in order to effectively analyze a competitor's strengths and weaknesses. Identifying similarities with the competitor's product, predicting their next actions, and reviewing fluctuations in the market can all be important steps in analyzing a competitor, but they should come after understanding the success factors in the market.
Learning Objectives
- Understand the critical sequential steps required to perform a thorough competitor analysis.
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