Module 10: Competitive Analysis 10.7. Quiz Exam Answers
Module 10: Competitive Analysis 10.7. Quiz Exam Answers
The Module 10: Competitive Analysis 10.7 Quiz Exam Answers provide a clear and reliable resource for learners aiming to understand how businesses evaluate their competitive environment. This module focuses on key concepts such as identifying competitors, analyzing strengths and weaknesses, and using strategic tools to position a business effectively in the market. With verified questions and accurate answers, students can strengthen their analytical thinking, confidently complete the quiz assessment, and develop the skills needed to perform effective competitive analysis in real-world business scenarios.
1. Select the statement below that best reflects performing a competitive analysis.
- You looked at the pluses and minuses of your competitors and determined their pricing discounts. You also reviewed data on potential buyers and where they are located. You also looked at the quality of the suppliers in the industry to find any gaps in their offerings. Next you looked at how the competition is marketing to the market to determine any techniques that you could improve on.
- You found some research on the internet regarding the search hits of key words and how much other competitors are spending on marketing. You also looked up the reviews left on your competitors website about their product. You pinpointed the location of your competitors and determined their price points.
- You did a strengths and weaknesses analysis of the market and looked at the quality of the suppliers based on your knowledge of the product. You determined where most buyers are located and where you could locate potential funding sources.
- You looked at the pluses and minuses of your competitors and determined their quality as a supplier by reviewing their internet reviews. In addition you analyzed your buyers to determine their preferences and physical location in the world and if the competition was meeting their needs with their products. You also did a comparison on what your competitors are charging and if they offered any pricing discounts. From this data, you were able to determine their marketing strategies and plans and found out what they spend on marketing.
2. When performing a competitive analysis, be sure to include this element:
- Identify your competitors by product line or service segment.
- Classify your target markets according to their most immediate needs.
- Describe your competitors in terms of the target markets they serve.
- Describe the target market in terms of which competitors meet their needs.
3. You are conducting a competitive analysis. You decided to take advantage of a couple of tools to help you gather the data and analyze it. Select the statement below that explains the proper use of the PEST tool.
- You collected political information about the global environment of various countries. You then looked at the global security of the countries where you would market your product. You also determined what societal views may impact your target market and their desire to purchase your product. Lastly, you determined if individuals in your target market had access to the technology they needed to use your product.
- You collected professional information about the people you would market to. You then looked at the economy of the countries where you would market your product. You also determined what societal views may impact your target market and their desire to purchase your product. Lastly, you determined if individuals in your target market had access to the technology they needed to use your product.
- You collected political information about the global environment of various countries. You then looked at the economy in these countries where you would market your product to determine if the economy would support purchases. You also determined what societal views may impact your target market and their desire to purchase your product. Lastly, you determined if individuals in your target market had access to the technology they needed to use your product.
- You collected political information about the global environment. You then looked at the GNP or Gross National Product where you would market your product to determine if they exported more than imported product.. You also determined what security issues may impact your target market and their desire to purchase your product. Lastly, you determined if individuals in your target market had access to the technology they needed to use your product.
4. You are conducting a competitive analysis and use a tool that helps you to identify a gap in the competitions’ services. As a result, you were able to formulate your unique selling proposition. Which tool did you use to achieve this?
- Three circles analysis
- PEST analysis
- SWOT analysis
- Gap analysis
5. Select the reason below that best explains why social media is good for competitive research.
- Social media is cheaper to do your own research and provides excellent data on competitors and buyers.
- Social media is easily accessible to anyone and provides good information on competitors.
- There are so many sites available to collect a lot of data and the data can determine if competitors will buy your product.
- Social media is cheaper because you can do it yourself and the data provides guided and specific information about competitors.
6. You are writing some marketing material for your new venture and must make sure you use language that will help you connect with your target audience. How can you learn which kind of words and language to use in a timely and cost-efficient way?
- Conduct market research
- Conduct research on social media
- Use free demographic data
- Conduct competitive research
7. Feasibility of an opportunity is dependent on the following factors. Select the best answer.
- proper funding, sufficient market demand, competitors relationship with customers
- sufficient market demand, fewer suppliers to meet that demand, resource availability
- funding, market demand, competitive advantage, resource availability, technology
- market demand, competitive advantage, societal impacts, accessible technology, strong economy
8. Fran wants to assess whether her business idea is an actual entrepreneurial opportunity. What would you suggest she do?
- Fran should write up the business plan for the venture.
- Fran should first see if any investors are interested in her idea.
- Fran should identify a feasible business model.
- Fran should assess how her idea will generate income.