Competitor Challenge QuizOnline version Test your knowledge on direct, indirect, and significant competitors! by sarah ayyad 1 What defines a direct competitor? a A business in a different industry. b A supplier of raw materials. c A customer of the business. d A business offering the same product or service. 2 Which of the following is an example of an indirect competitor? a A coffee shop competing with a tea house. b A grocery store and a pharmacy. c Two smartphone manufacturers. d A car dealership and a bike shop. 3 What is a significant competitor? a A small local business. b A competitor that has a major impact on market dynamics. c A supplier of services. d A customer feedback platform. 4 Why is identifying direct competitors important? a To understand market positioning and pricing strategies. b To hire new employees. c To find new suppliers. d To increase customer service. 5 Which factor is NOT considered when identifying indirect competitors? a Alternative solutions. b Market trends. c Product pricing. d Customer needs. 6 How can significant competitors influence your business? a By providing better customer service. b By altering market trends and customer preferences. c By increasing product variety. d By reducing operational costs. 7 What is a common strategy against direct competitors? a Differentiating your product or service. b Lowering prices only. c Merging with them. d Ignoring their presence. 8 Which of the following is a method to analyze competitors? a Customer surveys. b SWOT analysis. c Social media marketing. d Inventory management. 9 What role do indirect competitors play in market analysis? a They highlight alternative solutions for customers. b They limit market entry. c They define pricing strategies. d They increase production costs. 10 What is a potential risk of overlooking significant competitors? a Missing shifts in market demand. b Underpricing your services. c Overestimating your product's value. d Increasing employee turnover.
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