Larry Has Set Up a New Burger Joint in His

Multiple Choice

Larry has set up a new burger joint in his hometown.He has obtained information about who will most likely be customers at his joint.Because his joint is located near a college, he knows that a majority of his customers are going to be students.In the context of the critical steps involved in conducting an external analysis, which of the following should be Larry's next step?

A) Larry should start developing an understanding of his competitive advantage.
B) Larry should gain thorough information about the elasticity of demand for his product.
C) Larry should develop insights about benchmarking.
D) Larry should conduct research to know his exact competitors.