Opulent Inc., a furniture design company based in Winona, designs a wide range of office and household furniture. Umber Corp. has recently started offering custom-made furniture in the same city. The managers at Opulent conduct a research to find out the strengths and weaknesses of Umber. The managers also try to figure out the strategies used by Umber. In the given scenario, which of the following strategies is being used by the managers at Opulent Inc.?

Question

Quizplus · Accepted Answer

The strategy being used by the managers at Opulent Inc. is a competitive analysis, which involves researching and analyzing the strengths and weaknesses of a competitor in order to gain insights into their strategies and develop tactics to stay ahead in the market.