Your marketing team has started the analysis of your company's marketing environment. Competition has been very intense in recent years in your industry, so you decide to place more emphasis on analyzing the competitive forces in your industry. You group your competitors into the four types that a firm normally faces.
In general, which one of the four types of competitors do you think will be the most formidable for your company?
A) Total budget competitors
B) Features-oriented competitors
C) Brand competitors
D) Generic competitors
E) Product competitors

Question

Quizplus · Accepted Answer

Brand competitors are typically the most difficult to compete with because they have established strong brand recognition and loyalty among customers. This can make it difficult for new or lesser-known companies to compete on a level playing field in terms of attracting and retaining customers. Additionally, brand competitors may have more resources and larger marketing budgets to invest in advertising and promotion, which can further solidify their position in the market.

Your Marketing Team Has Started the Analysis of Your Company's