Marketing Chapter 18 Quiz

Which of the following strategies would be utilized by a market​ challenger? A.Observe what has made the market leader successful and improve on it. B.Expand total demand. C.Protect their current market share through good defensive and offensive actions. D.Expand their market share further. E.Find one or more market niches that are safe and profitable.

A.Observe what has made the market leader successful and improve on it.

What is benchmarking used​ for? A.To assess​ competitor's strengths and weaknesses B.To identify a​ company's competitors C.To assess​ competitor's objectives and strategies D.To identify​ competitor's reaction patterns E.To assess​ competitor's profitability

A.To assess​ competitor's strengths and weaknesses

Gaining​ ________ requires delivering more value and satisfaction to target consumers than competitors do. A.competitive advantage B.differentiation C.comparative advantage D.first-mover advantage E.economies of scale

A.competitive advantage

There are three ways that market leaders can expand total market demand. They can expand total demand by​ __________. A.finding new users of the​ product, promoting new uses for the​ product, and encouraging more usage of its products B.finding new users of the​ product, promoting new uses for the​ product, and driving out competitors C.finding new users of the​ product, finding a niche for the​ product, and encouraging more usage of its products D.encouraging more usage of its​ products, driving out​ competitors, and finding a niche for the product E.finding new users of the​ product, promoting new uses for the​ product, and aggressively cutting price

A.finding new users of the​ product, promoting new uses for the​ product, and encouraging more usage of its products

Porsche is a German automobile manufacturer that competes against BMW and​ Audi, but only in the sports car and SUV segments of the automobile market. Porsche utilizes​ a(n) ________ strategy. A.focus B.middle-of-the-roaders C.overall cost leadership D.blue ocean E.market segmentation

A.focus

Companies that pursue a clear strategy will likely perform well. Firms that do not pursue a clear strategy are called​ ________. A.middle-of-the-roaders B.laggards C.jack-of-all-trades D.red oceans E.niches

A.middle-of-the-roaders

Country Kitchen and Perkins are both a chain of family restaurants featuring​ diner-like menus with reasonably priced items. These companies are in the same​ ________. A.strategic group B.experimental group C.target group D.focus group E.control group

A.strategic group

According to the​ text, what is the best way a market leader can protect its market share​ position? A.Through specialization B.Through continuous innovation C.Through operational excellence D.Through differentiation E.Through fixing weaknesses

B.Through continuous innovation

​Kodak's film business​ didn't lose out to direct competitor​ Fujifilm; it lost out to​ Sony, Canon, and other digital camera​ makers, along with a host of digital image developers and online image sharing services. This is an example of​ ________. A.competitor backlinking B.competitor myopia C.marketing myopia D.a blue ocean strategy E.self-competition

B.competitor myopia

Companies such as Walmart and Spirit Airlines offer lower prices than competitors. Which competitive strategy are they​ using? A.Focus B.Differentiation C.Overall cost leadership D.Middle-of-the-road E.Price leadership

C.Overall cost leadership

To plan effective marketing​ strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing​ strategies, products,​ prices, channels, and promotions with those of close competitors. This is an example of​ ________. A.blue ocean strategy B.quantitative analysis C.competitor analysis D.perfect competition E.organizational evaluation

C.competitor analysis

Defining competitors as open double quote"companies that are trying to satisfy the same customer need or build relationships with the same customer groupclose double quote" is using​ a(n) __________ point of view. A.myopic B.competitive C.market D.product E.industry

C.market

Which of the following statements regarding a customer intimacy strategy is​ correct? A.A customer intimacy strategy attempts to create a lean value delivery system. B.A customer intimacy strategy serves customers who demand a lower price. C.A customer intimacy strategy does not require market segmentation. D.A customer intimacy strategy requires quickly responding to customer needs. E.A customer intimacy strategy offers generic products to the target market.

D.A customer intimacy strategy requires quickly responding to customer needs.

What is a strategic​ group? A.A group of firms in an industry following different strategies B.A group of firms in an industry that do not compete with one another C.A group of firms in an industry that target different markets with different strategies D.A group of firms in an industry following the same or a similar strategy in a given target market E.A group of firms in different industries that follow similar strategies

D.A group of firms in an industry following the same or a similar strategy in a given target market

What is the first thing a company does when analyzing​ competitors? A.Select which competitors to attack. B.Assess​ competitor's strengths and weaknesses. C.Assess the​ competitor's objectives and strategies. D.Identify the​ company's competitors. E.Select which competitors to avoid.

D.Identify the​ company's competitors.

Which of the following statements regarding identifying competitors is​ correct? A.Identifying competitors is a simple task. B.Competitors are only those companies that offer similar products and services to the same customers at similar prices. C.Competitive analysis is only useful when competitors are identified at the industry level. D.There is no one correct way to identify competitors. E.Companies should take a myopic view of competitors.

D.There is no one correct way to identify competitors.

What is the goal of a​ blue-ocean strategy? A.To attack competitors B.To compete only with weak competitors C.To avoid strong competitors D.To make competition irrelevant by finding uncontested market spaces E.To drive competitors out of business

D.To make competition irrelevant by finding uncontested market spaces

​Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This represents​ a(n) __________ strategy. A.overall cost leadership B.challenger C.differentiation D.focus E.middle-of-the-road

D.focus

Regarding their competitive​ position, Walmart,​ Amazon, Coca-Cola, and Facebook are all examples of​ __________. A.global firms B.market nichers C.market challengers D.market leaders E.well-known companies

D.market leaders

Which of the following conditions would enable higher market share to produce higher​ profits? A.when production volume drops as market share increases B.when production volume remains unaltered as market share increases C.when the company fails to break even D.when unit costs drop as market share increases E.when unit costs increase as market share increases

D.when unit costs drop as market share increases

What are the three winning competitive positioning strategies proposed by Michael​ Porter? A.Operational​ excellence, customer​ intimacy, and product leadership B.Entrepreneurial​ marketing, formulated​ marketing, and intrapreneurial marketing C.Overall cost​ leadership, differentiation, and​ middle-of-the-road D.Overall cost​ leadership, middle-of-the-road, and focus E.Overall cost​ leadership, differentiation, and focus

E.Overall cost​ leadership, differentiation, and focus

What is the LEAST relevant question to ask when assessing a​ firm's main​ competitor? A.What are the​ competitor's objectives? B.What are the​ competitor's strengths? C.What is the​ competitor's strategy? D.What are the​ competitor's weaknesses? E.What are the​ competitor's locations?

E.What are the​ competitor's locations?

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. A.unethical competitors B.weak competitors C.good competitors D.not competitors E.bad competitors

E.bad competitors

In competitive​ positioning, __________ are​ runner-up firms that want to hold their share without rocking the boat. A.market leaders B.market challengers C.market nichers D.product leaders E.market followers

E.market followers

An industry often contains​ "good" and​ "bad" competitors. Good competitors​ ________. A.typically dominate the market B.break the rules of fair competition C.ensure minimum competition between firms D.share their marketing strategies with other firms E.play by the rules of the industry

E.play by the rules of the industry