Competitor analysis Flashcards
1
Q
What is the importance of a competitor analysis ?
A
- Allows the business to keep up with competition
- Identify new entrants to formulate handling strategies
- Innovate business to stay ahead of competition
2
Q
What is the effect of competitor product/service being offered ?
A
- Pricing strategies - matching or undercutting rivals
- Benefits - increased customer loyalty
- Drawbacks - high risk if not impacting consumers
- Comparison websites
- Location of business
