Competitive Analysis Test Let's test how much you have learned today! 1. What is Early-Stage? Answer: Early-stage, in the context of competitive analysis, refers to the phase of a business or market where it is still in its initial development or growth period. This is typically the stage where a company is just starting out or a market is emerging. It's a crucial time to conduct competitive analysis because early-stage businesses or markets are often more dynamic, with new players entering and existing players making significant changes. Understanding the competitive landscape at this stage can help businesses make informed decisions and gain a competitive advantage. 2. What is Scope in Competitive analysis? Answer: The scope in competitive analysis refers to the various aspects or dimensions of a competitor's or market's characteristics and performance that are considered during the analysis process. It defines what aspects of your competitors and the market you will evaluate. The scope of competitive analysis can include: a. Pricing: Analyzing the pricing strategies and structures of competitors. b. Visual Design: Evaluating the visual aspects of a competitor's products or services, including their branding and user interface design. c. Features: Examining the features and functionalities offered by competitors. d. Marketing Campaign: Assessing the marketing and promotional strategies used by competitors. e. Services: Analyzing the additional services or support provided by competitors. f. User Flow: Evaluating the user experience and flow within a competitor's product or service. g. UI Content: Reviewing the content and information presented in the user interface. h. Journey Maps: Understanding the customer journey and interactions with a competitor's product. i. Apps Performance: Measuring the performance and responsiveness of competitor's applications. 3. What is Different Customer on Competitor Mapping? Answer: In competitor mapping or competitive analysis, "Different Customer" refers to one of the categories used to classify competitors. When a competitor is categorized as serving a "Different Customer," it means that they are addressing the same problem or need as your business but are doing so for a customer base that is in a different industry, vertical, or market segment.