Sample interview questions: How do you approach competitor analysis and monitoring industry trends?
Sample answer:
Competitor Analysis
- Identify Direct Competitors: Determine businesses that offer similar products/services and target the same customer base.
- Analyze Strengths and Weaknesses: Evaluate their market share, product offerings, pricing, customer service, and marketing strategies. Identify areas where your business can differentiate itself.
- Monitor Competitor Activity: Track their product launches, marketing campaigns, pricing changes, and customer reviews. Use social media listening tools and industry publications to stay informed.
Industry Trend Monitoring
- Stay Updated with Industry News: Subscribe to industry publications, attend conferences, and engage with thought leaders.
- Analyze Market Data: Review industry reports, surveys, and market research to identify emerging trends, customer needs, and technological advancements.
- Monitor Regulatory and Economic Changes: Ke… Read full answer
Source: https://hireabo.com/job/1_4_2/Small%20Business%20Owner