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You Are Starting Your Own Business and Must Do a Competitive

question 52

Essay

You are starting your own business and must do a competitive analysis to determine where you stand with the competition.Describe the steps of the competitive analysis and explain the importance of this analysis.


Definitions:

Outlet Stores

Retail establishments that sell products directly from manufacturers at reduced prices.

Gap Factory Store

Gap Factory Store is an outlet store division of Gap Inc. that sells Gap-branded clothing and accessories at reduced prices compared to regular retail stores.

Nordstrom Rack

A retail division of Nordstrom Inc. that offers discounted clothing, accessories, and home goods from past seasons as well as specialty merchandise.

Excess Merchandise

Refers to the surplus or additional stock of products that a company has over the demand from customers.

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