Glittenra is the largest local silver store in the town of Casempton. Famegems, a large silver jewelry chain of stores, wants to set up an outlet in Casempton. Before finalizing the decision to set up the store, the marketing team of Famegems conducts a detailed study on the business, marketing strategies, and customer base of Glittenra. In this scenario, which of the following is the marketing team of Famegems most likely using

Question

Jeremy Gutierrez

Business

18 June, 18:41

Glittenra is the largest local silver store in the town of Casempton. Famegems, a large silver jewelry chain of stores, wants to set up an outlet in Casempton. Before finalizing the decision to set up the store, the marketing team of Famegems conducts a detailed study on the business, marketing strategies, and customer base of Glittenra. In this scenario, which of the following is the marketing team of Famegems most likely using

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Answers (1)

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Yair Johns · Answer 1

Competitive analysis

Explanation:

Competitive analysis is an aspect of the marketing plan that attempt to understand the strategies of those already existing in a market you are planning to enter so that you can know how to position your product in response.

It is stated in the scenario that ''the marketing team of Famegems conducts a detailed study on the business, marketing strategies, and customer base of Glittenra.'' which is the market they are planning to enter.

Hence the marketing team of Famegems is most likely using competitive analysis.