Organizations Need to Engage in a Competitor Analysis as a Part

question 17

Multiple Choice

Organizations need to engage in a competitor analysis as a part of their strategic positioning. Competitor analysis involves all of the following practices EXCEPT

• A) identifying whether or not a similar product or service exists.
• B) learning if a similar product or service has been released in the past.
• C) finding out if a similar product or service has ever failed.
• D) identifying the vendors or other stakeholders that support a competitor.

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Definitions:

Organise Resources

The process of efficiently and effectively deploying and allocating organizational assets, including financial, human, and material resources.

Allocate Resources

The act of distributing available assets, such as time, money, and manpower, among various projects or departments to achieve organizational goals.

Strategic Management

The formulation, implementation, and evaluation of actions and decisions that will enable an organization to achieve its long-term objectives.

Environmental Scanning

Environmental scanning is the process of systematically gathering, analyzing, and managing external information about factors that could impact an organization's ability to succeed.