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
This question itself very strategic one. Though all answers seems to be correct for this question, we look for best suitable one.
Answer B is best that helps you to understand where we are in market and how our product is valuable for customer in comparison with competitor. Ultimately it helps to identify the value that is being expected by customer and how it gets fulfilled.
Let's look into other options:
Answer A may help you to gain the momentum of sales due to low price offering. But long term sustainability depends on what you are offering is really competitive to the value of your competitor what he is offering. Less price may cut your hand on profit. Quality matters for long term sustainability, hence you making cost cannot be compromised.
Answer C Getting deeper insight of their approach may be a learning for you and best practices may be adopted and their failures could be taken as lesson to address in your strategy.
Answer D Again its basics of any business to understand the region and the product what you sell that adds customers value. Competitors are always there in all region. If its new product and unknown to the people in specific region may help for initial high sales volume if that product have defined customer value. Again competitors will intrude to compete. Ongong business strategy should evaluate such risks and have firm plan to mitigate when risk raises beyond acceptable level.
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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 [correct answer]
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 .
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Explanation: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