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Questions and Answers
What is the importance of competitive analysis?
What is the purpose of analyzing indirect competition?
In competitor analysis, what does 'how are they selling' refer to?
What is meant by 'unfair advantage' in the context of business?
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What should be noted when analyzing 'what are they selling' in competitor analysis?
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In competitor analysis, what does 'where are they selling' refer to?
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When analyzing 'what are they selling' in competitor analysis, what should be noted?
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What is meant by 'indirect competition' in the context of competitor analysis?
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What does 'unfair advantage' refer to in the context of business?
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What is the purpose of analyzing direct competition in competitor analysis?
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Study Notes
Importance of Competitive Analysis
- Helps businesses understand their position in the market and identify opportunities to gain a competitive edge
- Enables businesses to anticipate and respond to competitors' actions
Analyzing Competition
- Direct Competition: Analyzing businesses that offer similar products or services to the same target market
- Indirect Competition: Analyzing businesses that offer different products or services but target the same customer needs
- Purpose of Analyzing Direct Competition: To identify gaps in the market and opportunities to differentiate oneself
- Purpose of Analyzing Indirect Competition: To identify potential threats and opportunities from adjacent markets
Competitor Analysis
- How Are They Selling: Refers to the sales channels, strategies, and tactics used by competitors
- What Are They Selling: Refers to the products or services offered by competitors
- Where Are They Selling: Refers to the geographic locations, markets, or platforms where competitors operate
Unfair Advantage
- Refers to a unique asset, skill, or capability that sets a business apart from its competitors
- Provides a sustainable competitive edge and makes it difficult for others to replicate
Analyzing Competitors' Products/Services
- Note the features, benefits, and pricing of competitors' products or services
- Identify gaps in the market and opportunities to differentiate oneself
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Description
Explore the concepts of direct and indirect competition, as well as the importance and steps of competitive analysis. Understand how to identify competitors' strengths and weaknesses to gain a competitive edge in the market.
