To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of ________.
A) blue ocean strategy
B) competitor analysis
C) organizational evaluation
D) perfect competition
E) quantitative analysis

Question

Quizplus · Accepted Answer

Competitor analysis involves gathering information about the strengths and weaknesses of a company's competitors in order to develop effective marketing strategies. This helps the company understand its competitive environment and make informed decisions about pricing, promotion, distribution, and product development.

To Plan Effective Marketing Strategies, a Company Needs to Find