evaluating competition\nthere are two types of competition when evaluating a business. direct competition is…

evaluating competition\nthere are two types of competition when evaluating a business. direct competition is a business that sells the same or similar products or services. for example, a sandwich shops direct competition would be other nearby businesses that sell sandwiches. indirect competition is a business that sells similar products that could meet the same need. for an ice cream parlor, a nearby bakery would be an indirect competitor. knowing the competition that is out there can help a business to stand out. a swot analysis is helpful to determine areas for improvement. this documents a companys strengths, weaknesses, opportunities, and threats.\npurpose\nupon completing this project, you will better understand direct and indirect competitors and the elements of a swot analysis.\nsteps for completion\n1. ellie owns a tumbling gym. she compiled a list of nearby competitors. classify each of the following businesses as either direct or indirect competition.\na. __________________ cheerleading gym\nb. __________________ martial arts center\nc. __________________ trampoline park\nd. __________________ gymnast training center\n2. tom runs a car repair shop with dependable employees. recently he has seen an increase in customers needing work done. he knows that he needs to replace one of the lift machines but is struggling to finance it. there are other repair shops in the neighborhood. identify the swot analysis elements.\na. __________________ dependable employees\nb. __________________ increased customers\nc. __________________ repair shop competitors\nd. __________________ small budget

evaluating competition\nthere are two types of competition when evaluating a business. direct competition is a business that sells the same or similar products or services. for example, a sandwich shops direct competition would be other nearby businesses that sell sandwiches. indirect competition is a business that sells similar products that could meet the same need. for an ice cream parlor, a nearby bakery would be an indirect competitor. knowing the competition that is out there can help a business to stand out. a swot analysis is helpful to determine areas for improvement. this documents a companys strengths, weaknesses, opportunities, and threats.\npurpose\nupon completing this project, you will better understand direct and indirect competitors and the elements of a swot analysis.\nsteps for completion\n1. ellie owns a tumbling gym. she compiled a list of nearby competitors. classify each of the following businesses as either direct or indirect competition.\na. __________________ cheerleading gym\nb. __________________ martial arts center\nc. __________________ trampoline park\nd. __________________ gymnast training center\n2. tom runs a car repair shop with dependable employees. recently he has seen an increase in customers needing work done. he knows that he needs to replace one of the lift machines but is struggling to finance it. there are other repair shops in the neighborhood. identify the swot analysis elements.\na. __________________ dependable employees\nb. __________________ increased customers\nc. __________________ repair shop competitors\nd. __________________ small budget

Answer

Explanation:

Step1: Classify competition for Ellie's gym

Direct competition sells same or similar products/services. Indirect competition meets the same need. A cheerleading gym, trampoline park, and gymnast training center offer similar physical - activity services to a tumbling gym, so they are direct competitors. A martial arts center offers a different type of physical activity and meets a different need, so it is an indirect competitor.

Step2: Identify SWOT elements for Tom's shop

Strengths are internal positive factors, so dependable employees are a strength. Opportunities are external positive factors, so increased customers are an opportunity. Threats are external negative factors, so repair - shop competitors are a threat. Weaknesses are internal negative factors, so a small budget is a weakness.

Answer:

a. Direct competition b. Indirect competition c. Direct competition d. Direct competition 2. a. Strength b. Opportunity c. Threat d. Weakness