When defining a strategy for your business, how can competitor analysis help you establish a USP (or Unique Selling Point)? A It can enable you to offer discounts that compete directly with your competitors' pricing B It can identify how your offering is different in comparison to your competitors C It can give you deeper insight into the market and their approach D It can reveal which additional regions you could be operating in so that you can grow your business
Answers
While defining a strategy for any given business model, competitor analysis can be of great help to establish a Unique Selling Point. While it can gives a rather deeper insight into the market and alternative approaches, it also is a prominent source which helps reveal the additional regions one could be operating in for the better growth of business. USP or Unique Selling Point is a factor that differentiates a product from its competitors, such as the lowest cost, the highest quality or the first-ever product of its kind, but the main thing to consider here is that the product value holds the strongest regard out of all the factors responsible for growth. Thus, a USP could be thought of as “what you have that competitors don't.” Further, in some cases, competitor analysis can also facilitate with the knowledge of offers & discounts that compete directly as well as the difference in one's offerings in comparison to your competitors
The answer is option B.
It can identify how your offering is different in comparison to your competitors.
The main goal of USP is to help a business man to identify what he is offering that is different from others.
This gives you the insights that you have to work upon and you will understand what to do and how to perform differently than your competitors