Which of the following activities are part of the basic approach to competitor analysis?

Question

Multiple select question.

Evaluate the strengths and weaknesses of your target market and marketing mix.

Study the strategies of successful businesses in other industries.

Understand how your marketing mix compares to your competitors' offerings and strategy.

Seek new sources of financial capital.

Identify existing and potential competitors.

Answer 1

The following activities are part of the basic approach to competitor analysis:

1. Evaluate the strengths and weaknesses of your target market and marketing mix.

2. Understand how your marketing mix compares to your competitors' offerings and strategy.

3. Identify existing and potential competitors.

The other options you provided, such as seeking new sources of financial capital and studying strategies of successful businesses in other industries, may be relevant in a broader analysis or strategic planning context but are not typically considered fundamental elements of competitor analysis specifically.