To plan effective marketing strategies,the company needs to find out all it can about its competitors.It must constantly compare its marketing strategies,products,prices,channels,and promotion with those of close competitors.This is an example of ________.
A) benchmarking
B) competitor analysis
C) customer value analysis
D) product leadership
E) continuous innovation

Question

Quizplus · Accepted Answer

The scenario described is an example of competitor analysis. The company is comparing its marketing strategies, products, prices, channels, and promotions with those of close competitors in order to plan effective marketing strategies. Benchmarking involves measuring an organization's performance against industry leaders, while customer value analysis focuses on understanding and maximizing the perceived value of a product or service to customers. Product leadership and continuous innovation are strategic approaches and not relevant to the scenario described.

To Plan Effective Marketing Strategies,the Company Needs to Find Out