Competition and Industry Analysis Quiz
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Questions and Answers

According to the text, what is the purpose of analyzing competition?

  • To find out the strengths and weaknesses of the competitors within the target market (correct)
  • To determine the distinct competitive advantage of the startup business
  • To develop barriers to avoid competition from entering the intended market
  • To identify weaknesses that can be used in the product development cycle
  • What does a competitive analysis of a startup business involve?

  • Categorizing competitors based on their impact on the startup business (correct)
  • Identifying weaknesses that can be used in the product development cycle
  • Determining the strategies that will offer distinct competitive advantage
  • Developing barriers to avoid competition from entering the intended market
  • What can be achieved by categorizing competitors in a competitive analysis?

  • Determining the distinct competitive advantage of the startup business (correct)
  • Developing barriers to avoid competition from entering the intended market
  • Identifying weaknesses that can be used in the product development cycle
  • Finding out the strengths and weaknesses of the competitors within the target market
  • Why is the competitive analysis of a startup business considered difficult?

    <p>Because there is a need for investigation prior to knowing the competitors</p> Signup and view all the answers

    What can be determined by analyzing competition for a startup business?

    <p>The distinct competitive advantage</p> Signup and view all the answers

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