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Competitive Set
The group of products or services that customers consider as alternatives to each other in the purchase decision process.
Implications
A group of companies or brands that are considered direct competitors within a specific market or industry, often used as a benchmark for strategic planning and performance analysis.
Example
Example: A coffee chain identifies its competitive set as other major coffee shop brands in the region, using them as a benchmark for pricing, product offerings, and customer experience.
Related Terms
Different from a broader industry analysis, which might include all players, a competitive set focuses specifically on those companies that compete directly with each other.
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