When defining a strategy for your business, how can competitor analysis help you establish a USP (or Unique Selling Point)?

(A) It can enable you to offer discounts that compete directly with your competitors’ pricing

(B) It can identify how your offering is different in comparison to your competitors

(C) It can give you deeper insight into the market and their approach

(D) It can reveal which additional regions you could be operating in so that you can grow your business

Explanation

Competitor analysis can help you establish your USP by identifying how and what you are offering is different in comparison to your competitors. You get to know what makes you different and what else can you add in your product to make it unique from your competitor.

Example – When Xiaomi came to the market their biggest competitor was Samsung. Samsung was selling a lot of Android smartphones back then but they were costly. So, Xiaomi developed its USP as a low price for high end phones. Xiaomi started selling great quality smartphones at a lower price than Samsung and now they have become one of the fastest growing tech companies in the world.

Conclusion

This question is a part of the Google Digital Unlocked and Google Digital Garage Certification exams. You can find all the latest updated questions and answers to both these exams on our website in the Google Digital Garage and Google Digital Unlocked pages.

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