How to answer this Situational interview question about Market Research for Entry-Level Business Development Intern?

What steps would you take to learn about our competitors and industry trends?

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Business Development Intern

Situational

Asked at

Deloitte

Difficulty :

Medium

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Explanation

This question evaluates your proactivity and research skills, critical for understanding the competitive landscape and driving business growth. Recruiters want to see how you would gather and analyze information about competitors and trends. A strong answer would include specific tools like industry reports, social media tracking, or attending webinars. Avoid generic responses that don't reflect industry-specific research methods.

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Answer Example

To learn about competitors and industry trends, I would start by analyzing market research reports and competitor websites to understand their offerings and positioning. I would also use tools like Google Alerts and LinkedIn to stay updated on recent developments. Additionally, I would attend industry webinars and network with professionals to gain deeper insights. During a class project, I used similar methods to analyze competitors in the tech space, enabling our team to create a differentiated business strategy.

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