INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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One reason why it is often important for businesses to conduct a competitive analysis is to identify
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external threats
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potential vendors
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economic conditions
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future employees
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Explanation:
Detailed explanation-1: -Competitor analysis is a critical part of your marketing plan, as it gives you a 360-degree assessment of your current and prospective competitors’ strengths and weaknesses. A good competitor analysis is both offensive and defensive-it should help you identify healthy opportunities as well as potential threats.
Detailed explanation-2: -It can reveal how customers and prospects view your existing business and products, and show you if you are or are not meeting your customers’ needs. It’s even possible you may uncover some opinions about your business and/or products that you weren’t aware of.
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