According to the textbook, the first step in a competitor analysis is to ________.

Question

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The first step in a competitor analysis is to determine who the competition is. This involves identifying direct competitors, as well as indirect competitors who offer substitute products or services. Only after identifying the competition can a company begin to assess their strengths and weaknesses and develop strategies to differentiate themselves and gain a competitive advantage. Developing a marketing plan or a strategic plan comes at later stages of the analysis. Studying the external environment and the strength of the industry also come after identifying the competition.

According to the Textbook, the First Step in a Competitor