Market 3250 Chapter 18 Review
Which of the following statements regarding a customer intimacy strategy is correct?
A customer intimacy strategy requires quickly responding to customer needs.
What is a strategic group?
A group of firms in an industry following the same or a similar strategy in a given target market
A winning strategy for competitive positioning in which the company concentrates on creating a product line and marketing program so that it comes across as the class leader in the industry is referred to as __________.
differentiation
Market nichers who focus on companies such as Walmart or General Motors are referred to as __________.
specific customer nicher
A company has a(n) __________ orientation when it is not customer-centered and is also not competitor-centered.
product
In the process of analyzing competitors, what should a company do next after identifying competitors?
Assess them
What is the stage in competitor analysis in which marketing management tries to find out competitors' objectives?
Assessing competitors
Marketing strategy often passes through three stages. At which stage is a company started by an individual who visualizes an opportunity?
Entrepreneurial marketing
What is the first thing a company does when analyzing competitors?
Identify the company's competitors.
Which of the following strategies would be utilized by a market challenger?
Observe what has made the market leader successful and improve on it.
Companies such as Walmart and Spirit Airlines offer lower prices than competitors. Which competitive strategy are they using?
Overall cost leadership
What are the three winning competitive positioning strategies proposed by Michael Porter?
Overall cost leadership, differentiation, and focus
What is the key idea in a market nicher strategy?
Specialization
Which of the following statements regarding identifying competitors is correct?
There is no one correct way to identify competitors.
According to the text, what is the best way a market leader can protect its market share position?
Through continuous innovation
What is benchmarking used for?
To assess competitor's strengths and weaknesses
What is the goal of a blue-ocean strategy?
To make competition irrelevant by finding uncontested market spaces
According to the text, digital services that overlap with traditional newspaper content are __________ because they offer, for free, real-time content that subscription-based newspapers printed once a day can't match.
bad competitors
"Kodak didn't lose out to competing film makers such as Fuji; it fell to the makers of digital cameras that use no film at all." This statement is a classic example of __________.
competitor myopia
According to the text, it is important that a company design a competitive intelligence system that is __________.
cost effective
A(n) __________ is used to determine the benefits that target customers value and how customers rate the relative value of various competitors' offers.
customer value analysis
There are three ways that market leaders can expand total market demand. They can expand total demand by __________.
finding new users of the product, promoting new uses for the product, and encouraging more usage of its products
Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This represents a(n) __________ strategy.
focus
Defining competitors as "companies that are trying to satisfy the same customer need or build relationships with the same customer group" is using a(n) __________ point of view.
market
In competitive positioning, __________ are runner-up firms that want to hold their share without rocking the boat.
market followers
Regarding their competitive position, Walmart, Amazon, Coca-Cola, and Facebook are all examples of __________.
market leaders
The most preferred orientation for companies is __________.
to be market oriented
Which orientation could result in a firm simply matching or extending industry practices rather than seeking innovative new ways to create more value for customers?
Competitor-centered
According to the text, which customer and competitor orientation should company's today practice?
Market-centered
When a company provides superior value by leading its industry in price and convenience, it is pursuing a(n) __________ strategy.
operational excellence