Strengths and weaknesses of competitors

• What does the competitive environment relate to in business?

  How a business adapts to competition
• Why is understanding competitors' strengths and weaknesses important?

  It helps businesses compete effectively
• What does USP stand for?

  Unique selling point
• What is a competitor?

  A business selling similar products
• How can a business create its own USP?

  By knowing competitors' USPs
• What does price refer to in a business context?

  The cost of a product or service
• Why is knowing competitors' prices important?

  To compete and ensure product sales
• What does quality refer to in a business context?

  How well a product is made
• How does quality affect competition?

  High quality is a competitor strength
• What does convenience refer to in business?

  How easy something is to purchase
• How is convenience linked to location?

  Convenient locations attract more customers
• What does product range refer to?

  The number and types of products sold
• Why is a large product range considered a strength?

  It targets a wider range of customers
• What is customer service?

  Service offered before and after transactions
• Why is customer service important for small businesses?

  It helps retain customers and build loyalty
• How can slow customer service be viewed in competition?

  As a weakness of the competitor
• What are the key factors to analyze in competitors?

  • Unique Selling Point (USP)
  • Price
  • Quality
  • Convenience and Location
  • Product Range
  • Customer Service
• What are the strengths and weaknesses of competitors?

  Strengths:

  • Strong USP
  • Competitive pricing
  • High quality
  • Convenient location
  • Wide product range
  • Excellent customer service

  
  

  Weaknesses:

  • Weak USP
  • High prices
  • Low quality
  • Inconvenient location
  • Limited product range
  • Poor customer service