STEP Market Analysis & Trends

Question 1

What is the primary purpose of market analysis?

Accepted Answer

To identify opportunities, threats, and inform strategic positioning

Answer

Market analysis identifies opportunities and threats in the competitive landscape, informing strategic decisions about positioning, pricing, and service offerings.

Question 2

Which factor is most important when evaluating market trends?

Accepted Answer

The sustainability and direction of the trend over time

Answer

Evaluating trend sustainability and direction helps distinguish lasting market shifts from temporary fluctuations, supporting sound strategic decisions.

Question 3

How should competitive intelligence be gathered ethically?

Accepted Answer

Through publicly available sources, industry events, and market research

Answer

Ethical competitive intelligence relies on publicly available information, industry events, and legitimate market research, maintaining professional integrity.

Question 4

What is a SWOT analysis used for?

Accepted Answer

Evaluating Strengths, Weaknesses, Opportunities, and Threats for strategic planning

Answer

SWOT analysis evaluates internal strengths/weaknesses and external opportunities/threats, providing a comprehensive framework for strategic planning.

Question 5

Why is customer segmentation important for market strategy?

Accepted Answer

It enables targeted approaches that address specific needs of different groups

Answer

Customer segmentation enables targeted strategies that address the specific needs, preferences, and behaviors of different groups, improving marketing effectiveness.

(STEP) Society of Trust and Estate Practitioners Certification Practice Test

(STEP) Society of Trust and Estate Practitioners Certification Practice Test

STEP Market Analysis & Trends