In the context of conducting an external analysis, which of the following steps should an entrepreneur take next after identifying and researching competitors within an industry?
A)Develop an understanding of one's own competitive edge.
B)Examine and develop insights about benchmarking.
C)Examine and develop insights about elasticity of demand.
D)Draw a set of competitive maps.

Question

Quizplus · Accepted Answer

Drawing a set of competitive maps is a logical next step after identifying and researching competitors within an industry. This helps in visualizing the competitive landscape, understanding where one's business stands in comparison to others, and identifying strategic opportunities or threats.

In the Context of Conducting an External Analysis, Which of the Following