Larry has set up a new burger joint in his hometown.He has obtained information about who will most likely be customers at his joint.Because his joint is located near a college, he knows that a majority of his customers are going to be students.In the context of the critical steps involved in conducting an external analysis, which of the following should be Larry's next step?
A)Larry should start developing an understanding of his competitive advantage.
B)Larry should gain thorough information about the elasticity of demand for his product.
C)Larry should develop insights about benchmarking.
D)Larry should conduct research to know his exact competitors.

Question

Quizplus · Accepted Answer

Conducting research to know his exact competitors should be Larry's next step. This information will help Larry to understand the market and competitive landscape in which he will operate. With this information, Larry can adjust his strategy to better understand how he can differentiate himself from his competitors and gain market share.

Larry Has Set Up a New Burger Joint in His