Chap 6: Conducting a Competitor Analysis in the Digital Age

To reduce marketing costs

To identify competitors

To increase social media followers

To understand customer preferences

Microsoft Word

Slack

Google Data Studio

Adobe Photoshop

Increased trust among customers

Gaining a competitive advantage

Loss of confidentiality

Improved marketing material

Imitating successful business models

Being the last to enter the market

Being the first to market with a new innovation

Following competitors' strategies

Organic Search Presence

Quality of Content

Customer Satisfaction Surveys

Social Media Coverage

Transparency

Confidentiality of customer data

High marketing costs

Social media presence

It requires no data

It is an ongoing process

It is a one-time process

It should be based solely on personal opinions

To set unrealistic goals

To engage customers for feedback

To identify strengths and weaknesses

To reduce competition

Counting social media connections

Assessing market trends

Analyzing customer feedback

Evaluating product quality

Ignore customer opinions

Limit data collection

Engage a representative sample of customers

Focus solely on competitors