I never received this question, but it is very likely if it is important to know competitors. Make sure during your research, you also investigate the competitors of the company you are interviewing for. You can make your answer if you know more details such as market percentage of each company, or if it is a product company, what products they make. For the long answer, I'll give an example of a person interviewing for a marketing position for McDonalds. This is a good example, because one of the competitors is obvious. It is Burger King. But what is the second competitor. That is the significance of this example. It gives you an opportunity to explain your opinion of the second competitor. But the figures I'm giving for all the answers are fake. You should make sure you research numbers so you can use them in your answers.
This example clearly demonstrates knowledge about the industry instead of just McDonalds. Knowing the industry is important because and this question gives you the opportunity to show that off. This example also demonstrates an understanding of the international aspect of selling burgers. Finally, their marketing strategy is included in the answer. When you are interviewing for a position, make sure you know as much detail as you can to show that you are knowledgeable about the whole industry.
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