Competitor and SWOT Analysis - Module 7

Question 1

It begins with identifying present as well as potential competitors

Answer 1

Competitor Analysis

Question 2

TorF: Organizations
must operate within a competitive industry environment

Answer 2

True

Question 3

TorF: Analyzing organization’s competitors helps an organization to discover its weaknesses, to identify opportunities for and threats to the organization from the industrial environment

Answer 3

True

Question 4

It is the process of identifying businesses in your market that offer similar
products or services to yours and evaluating them based on a set of predetermined business criteria

Answer 4

competitor analysis

Question 5

TorF: SWOT analysis will help you see your business and competitors through your customers’ eyes to pinpoint where you can improve.

Answer 5

False

Question 6

It is a driver of an organization’s strategy and effects on how firms act or react in their sectors.

Answer 6

competitor analysis

Question 7

TorF: competitor analysis is used to measure / assess its standing
amongst the competitors

Answer 7

True

Question 8

A ________________ can reveal pertinent information about market saturation, business opportunities and industry best practices

Answer 8

competitor analysis

Question 9

TorF: Competitor analysis is important for your business to stay outdated with market trends and product offerings

Answer 9

False

Question 10

TorF: A competitor analysis will give you a better idea of what services are not available to your target customer and what areas are being neglected.

Answer 10

False

Question 11

He stated “In some cases, you may find that you are at a competitive disadvantage, in which case you may need
to make a change in order to maintain your sales volumes”

Answer 11

Josh Rovner

Question 12

TorF: “In other cases, you may notice that you have an disadvantage
that could enable you to make a change that increases your sales or profit.”

Answer 12

False

Question 13

He wrote “Unbreak the System”

Answer 13

Josh Rovner

Question 14

He states that “Understanding one’s competitors allows one to distinguish oneself from the competition, focus on the
underserved market opportunities, determine the services to offer, identify the best practices to employ, and isolate the worst practices and rotten players”

Answer 14

David M. M. Taffet

Question 15

TorF: Competitor analysis will reveal which areas of your business, product or service need improvement

Answer 15

True

Question 16

TorF: Competitor Analysis can show new strategic opportunities to enhance your products or services and grow your business

Answer 16

True

Question 17

He said “Too many businesses do a competitor analysis early on, and then neglect it once their brand is established”

“Industries are
constantly changing, and each time a new company enters your space, they are doing a competitor
analysis on you. It’s important to continually evaluate your competitors.”

Answer 17

Colin Schacherbauer

Question 18

Enumeration: Different types of competitors

Answer 18

• Direct Competitors
• Indirect Competitors
• Future Competitors

Question 19

These are businesses that offer products identical or similar to those of the firm completing the analysis.

Answer 19

Direct competitors

Question 20

These competitors offer close substitutes to the product the firm completing the analysis sells.

Answer 20

Indirect competitors

Question 21

These are companies that are not yet direct or indirect competitors but could move into one of these roles at any time

Answer 21

Future competitors

Question 22

Businesses offering identical or similar products

Answer 22

Direct competitors

Question 23

Businesses offering close substitute products

Answer 23

Indirect competitors

Question 24

Businesses that are not yet direct or indirect competitors but could be at any time.

Answer 24

Future competitors

Question 25

If a firm does not have a direct competitor, it shouldn’t forget that the ____________ can be the toughest competitor of all

Answer 25

status quo

Question 26

Enumeration: top 10 components every competitor analysis should include

Answer 26

1. Feature matrix 2. Market share percentage 3. Pricing 4. Marketing 5. Differentiators 6. Strengths 7. Weaknesses 8. Geography 9. Culture 10. Customer reviews

Question 27

Find all the features that each direct competitor's product or service has. Keep this in a competitor insight spreadsheet to visualize how companies stack up against one another

Answer 27

Feature matrix

Question 28

This helps to identify who your main competitors in your market are. Don't exclude larger competitors completely, as they have much to teach about how to succeed in your industry. Instead, practice the 80/20 rule: 80% direct competitors (companies with similarly sized market shares) and 20% top competitors

Answer 28

Market share percentage

Question 29

Pinpoint how much your competitors charge and where they fall on the quantity vs. quality spectrum.

Answer 29

Pricing

Question 30

What type of marketing strategy does each competitor employ? Look at competitors' websites, social media presence, the type of events they sponsor, their SEO strategies, their taglines and current marketing campaigns.

Answer 30

Marketing

Question 31

What makes your competitors unique, and what do they advertise as their best qualities?

Answer 31

Differentiators

Question 32

Identify what your competitors are doing well and what works for them. Do reviews indicate they have a superior product? Do they have high brand awareness?

Answer 32

Strengths

Question 33

Identify what each competitor could be doing better. Do they have a weak social media strategy? Do they lack an online store? Is their website outdated? This information can give you a competitive advantage.

Answer 33

Weaknesses

Question 34

Look at where your competitors are located and the regions they service. Are they brick-and-mortar companies, or is the bulk of their business done online?

Answer 34

Geography

Question 35

Evaluate your competitors' objectives, employee satisfaction and company culture. Are they the type of business that advertises the year it was established, or are they modern startups? Read employee reviews for insight into company culture.

Answer 35

Culture

Question 36

Analyze your competitors' customer reviews, recording both pros and cons. In a 5-star system, look at 5-star, 3-star and 1-star reviews. Tip: 3-star reviews are often the most honest.

Answer 36

Customer reviews

Question 37

He said that "Document what threats are out there that could have a negative impact on your business, and document the opportunities out there that you could take advantage of better than your competitors,"

Answer 37

Josh Rovner

Question 38

Enumeration: Rovner's seven-step process for conducting a competitor analysis

Answer 38

1. Identify the products or services you want to evaluate. 2. Identify every direct and indirect competitor for those products or services. 3. Research all competitors in person and online. 4. Document your research in a written analysis. 5. Identify areas to improve your own competitiveness. 6. Make the improvements you deemed appropriate or necessary. 7. Measure your sales and profit based on the changes you made to determine whether they were successful

Question 39

TorF: Conduct competitive analyses routinely to stay up to date with market supply and demand and to increase your competitive intelligence.

Answer 39

True

Question 40

It is is a framework used to evaluate a company’s competitive position and to develop strategic planning

Answer 40

SWOT Analysis

Question 41

TorF: Competitor Analysis assesses internal and external factors, as well as current and future potential.

Answer 41

False

Question 42

It is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry

Answer 42

SWOT Analysis

Question 43

It is a technique for assessing the performance, competition, risk, and potential of a business, as well as part of a business such as a product line or division, an industry, or other entity

Answer 43

SWOT Analysis

Question 44

Analysts present a SWOT analysis as a square segmented into _______________each dedicated to an element of SWOT.

Answer 44

four quadrants

Question 45

Strengths describe what an organization excels at and what separates it from the competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on

Answer 45

Strengths

Question 46

It stop an organization from performing at its optimum level. They are areas where the business needs to improve to remain competitive: a weak brand, higher-than-average turnover, high levels of debt, an inadequate supply chain, or lack of capital.

Answer 46

Weaknesses

Question 47

It refer to factors that have the potential to harm an organization.

Answer 47

Threats

Question 47

What occurs within the company serves as a great source of information for the strengths and weaknesses categories of the SWOT analysis.

Answer 47

Internal

Question 47

It refer to favorable external factors that could give an organization a competitive advantage.

Answer 47

Opportunities

Question 48

What happens outside of the company is equally as important to the success of a company as internal factors.

Answer 48

External

Question 49

TorF: A Competitor analysis is a great way to guide business-strategy meetings

Answer 49

False

Question 50

TorF: A company can use a SWOT for overall business strategy sessions or for a specific segment such as marketing, production, or sales

Answer 50

True