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 are conducting a research to find out the strengths and weaknesses of Umber.The managers are also trying to figure out the strategies used by Umber.Which of the following is a component of the specific environment that is illustrated in the scenario?

Question

Quizplus · Accepted Answer

Competitive analysis, as a component of the specific environment, involves analyzing the strengths, weaknesses and strategies of competitors in a particular industry or market. In this scenario, Opulent is conducting competitive analysis on Umber to better understand their position in the market.