Competitive Intelligence & Market Analysis Flashcards
6 cards from real Market Research practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Competitive Intelligence & Market Analysis flashcards as text
What is the purpose of a SWOT analysis in market research?
Answer: To assess a company's Strengths, Weaknesses, Opportunities, and Threats relative to its competitive environment
SWOT analysis provides a structured framework for evaluating internal strengths and weaknesses alongside external opportunities and threats facing a business.
What is 'Porter's Five Forces' analysis used for in competitive market research?
Answer: Assessing the competitive intensity and attractiveness of an industry using five structural forces
Porter's Five Forces analyzes competitive rivalry, supplier power, buyer power, threat of new entrants, and threat of substitutes to assess industry attractiveness.
What is 'win/loss analysis' in competitive intelligence research?
Answer: Researching why prospects chose your company or a competitor when making a purchase decision
Win/loss analysis involves interviewing prospects after a purchase decision to understand the factors that led them to choose either your company or a competitor.
What is 'share of voice' (SOV) measured in competitive market research?
Answer: A brand's advertising or media presence as a proportion of the total category spending
Share of voice measures a brand's advertising or media presence relative to the total spending or impressions in the category, often used as a leading indicator of market share.
What does 'mystery shopping' research involve?
Answer: Trained researchers posing as customers to evaluate service quality and brand experience
Mystery shopping involves trained evaluators acting as regular customers to objectively assess service quality, compliance with brand standards, and competitive benchmarking.
What is 'benchmarking' in competitive market research?
Answer: Comparing a company's performance metrics against industry leaders or key competitors
Benchmarking involves systematically comparing a company's products, services, and practices against best-in-class competitors to identify performance gaps and improvement opportunities.