Section 3.2 Review: Check Your Understanding Questions

Answer each of the following questions with a thoughtful, 2-3 complete sentence response, citing textual support where possible.

1. What is nonprice competition?
2. What is a unique selling proposition (USP)?
3. List ways marketers can find information about competitors when conducting a competitive analysis.
4. Identify three common ways businesses position their products in the marketplace.
5. State the market share formula.

Question

16-07-2024
Business

Answered

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Section 3.2 Review: Check Your Understanding Questions

Answer each of the following questions with a thoughtful, 2-3 complete sentence response, citing textual support where possible.

1. What is nonprice competition?
2. What is a unique selling proposition (USP)?
3. List ways marketers can find information about competitors when conducting a competitive analysis.
4. Identify three common ways businesses position their products in the marketplace.
5. State the market share formula.

Sagot :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-16T14:23:12-04:00

Final answer:

Nonprice competition involves factors beyond pricing. A USP highlights a product's unique advantage. Marketers can gather competitor information through various channels.

Explanation:

Nonprice competition refers to competition between companies based on factors other than price, such as product quality, customer service, branding, or unique features.

A Unique Selling Proposition (USP) is a distinctive advantage that sets a company's product or service apart from the competition, highlighting what makes it unique.

Marketers can find information about competitors when conducting a competitive analysis by examining competitors' websites, analyzing their advertising campaigns, and monitoring their social media presence.

Learn more about Competition here:

https://brainly.com/question/40808616

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Final answer:

Explanation:

Learn more about Competition here:

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