MKT101- chap18-p1
A
1) Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do. A) competitive advantage B) competitor analysis C) benchmarking D) a market-center E) a target advantage
D
10) From a(n) ________ point of view, Pepsi might see its competition as Coca-Cola, Dr Pepper, 7UP, and the makers of other soft drink brands. From a(n) ________ point of view, however, the customer really wants "thirst quenching." A) market; industry B) market; consumer's C) industry; competitive D) industry; market E) company's; consumer's
A
11) Each competitor has a mix of objectives. The company wants to know the relative importance that a competitor places on all of the following EXCEPT ________. A) company history B) current profitability C) market share growth D) cash flow E) technological and service leadership
B
12) A company that pursues ________ leadership will react much more strongly to a competitor's ________ manufacturing breakthrough than to the same competitor's advertising increase. A) high-cost; cost reducing B) low-cost; cost reducing C) service; cost reducing D) high-cost; efficiency improving E) market share; efficiency improving
A
13) The more that one firm's strategy resembles another firm's strategy, the more likely the two firms are to ________. A) compete B) join C) grow D) partner E) succeed
D
14) Companies need to know each competitor's product quality, features, and mix; customer services; pricing policy; distribution coverage; sales force strategy; and advertising and sales promotion programs. These are all the dimensions that identify ________ groups within the industry. A) target B) leading C) geographic D) strategic E) competing
D
15) ________ is the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance. A) Competitive advantage B) Advertising synergy C) Sales promotion D) Benchmarking E) Publicity
E
16) Benchmarking has become a powerful tool for increasing a company's ________. A) brand image B) mass appeal C) employee training services D) distribution channels E) competitiveness
C
17) Knowing how major competitors react gives the company clues on how best to ________ competitors or how best to ________ the company's current positions. A) remove; decrease B) attack; increase C) attack; defend D) value; change E) decrease; defend
C
18) Most companies prefer to aim competition against ________. A) their biggest competitor B) the market leader C) weak competitors D) new competitors E) distant competitors
A
19) A firm should compete with ________ competitors in order to sharpen its abilities. Succeeding against these competitors often provides greater returns. A) strong B) international C) weak D) distant E) smaller
D
2) The first step in initiating competitive marketing strategies is to conduct ________. A) a private screening B) a competitive advantage analysis C) management modifications D) competitor analysis E) absolute advantage processing
A
20) Analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers is known as ________. A) customer value analysis B) competitive customer analysis C) power analysis D) advertising specialty analysis E) benchmarking
A
21) The purpose of ________ is to find the place where a company meets customers' needs in a way that rivals can't. A) customer value analysis B) benchmarking C) entrepreneurial marketing D) intrapreneurial marketing E) overall cost leadership
C
22) If the company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and ________, or it can charge the same price and ________. A) earn lower profits; gain higher profits B) earn higher profits; lose profits C) earn higher profits; gain more market share D) lose profits; gain more market share E) lose profits; gain higher profits
B
23) Most companies will compete with ________ rather than ________. A) distant competitors; close competitors B) close competitors; distant competitors C) benchmarkers; distant competitors D) market challengers; market followers E) market challengers; market nichers
E
24) The following are all examples of close competitors EXCEPT ________. A) Nike and Adidas B) Walmart and Target C) Pepsi and Coca-Cola D) Neiman Marcus and Nordstrom E) Nike and Timberland
C
25) A company's close competitors are ________. A) considered "bad" competitors B) those that least resemble the company's operation C) those that most resemble the company's operations D) a negligible threat E) the sole focus of successful companies
D
26) All of the following statements identify benefits from the existence of competitors EXCEPT? A) Competitors may share the costs of market and product development. B) Competitors help legitimize new technologies. C) Competitors serve less-attractive segments or lead to more product differentiation. D) Competitors fracture the target market. E) Competitors may help increase total demand
C
27) An industry often contains "good" and "bad" competitors. Good competitors ________. A) break the rules of fair competition B) value excellent customer service C) play by the rules of the industry D) dominate the market E) share their marketing strategies
D
28) Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a ________. A) "red ocean strategy" B) "strategic sweet spot" C) "common platform" D) "blue ocean strategy" E) "strategic platform"
C
29) Tomorrow's leading companies will succeed by seeking out unoccupied positions in uncontested market spaces. Such strategic moves, termed ________, create powerful leaps in value for both the firm and its buyers, creating new demand for new products. A) "strategic sweet spots" B) "common platforms" C) "value innovation" D) "strategic platforms" E) "service nichers"
B
3) Part two of a competitor analysis is assessing all of the following EXCEPT a company's ________. A) objectives B) employees C) strategies D) strengths and weaknesses E) reaction patterns
C
30) There are specific kinds of information that companies need about their competitors. The ________ system first identifies the vital types of competitive information and the best sources of this information. A) marketing information B) global network C) competitive intelligence D) marketing research E) marketing database
B
31) Which statement does NOT accurately describe a competitive intelligence system? A) The system identifies the vital types of competitive information needed and the best sources of this information. B) The system creates a new brand image and marketing concept. C) The system collects information from the field and from published data. D) The system checks information for validity and reliability, interprets it, and organizes it in an appropriate way. E) The system sends key information to relevant decision makers and responds to inquiries from managers about competitors.
D
32) A manager who used to work for a competitor might follow that competitor closely to see what it does in the marketplace. Such a manager would be considered your company's ________ expert. A) market leader B) market follower C) strategy D) in-house E) technical
A
33) Having identified and evaluated its major competitors, the company now must design broad competitive marketing strategies by which it can gain competitive advantage through superior ________. A) customer value B) compensation C) employee value D) employee service E) target locations
B
34) Companies that operate large marketing departments, conduct expensive marketing research, spell out elaborate competitive strategies, and spend huge sums on advertising are using ________ competitive marketing strategies. A) informal B) formal C) blue ocean D) red ocean E) innovative
D
35) Approaches to marketing strategy and practice often pass through which of the three following stages? A) formulated marketing, intrepreneurial marketing, and innovative marketing B) entrepreneurial marketing, intrepreneurial marketing, and innovative marketing C) entrepreneurial marketing, formulated marketing, and strategic marketing D) entrepreneurial marketing, formulated marketing, and intrepreneurial marketing E) innovative marketing, strategic marketing, and formulated marketing
C
36) Most companies are started by individuals who live by their wits. They visualize an opportunity, construct flexible strategies on the backs of envelopes, and knock on every door to gain attention. What stage in marketing strategy are these individuals in? A) exponential marketing B) formulated marketing C) entrepreneurial marketing D) intrepreneurial marketing E) innovative marketing
B
37) As small companies achieve success, they inevitably move toward more ________ marketing. They pore over the latest Nielsen numbers, scan market research reports, and try to fine-tune their competitive strategies and programs. A) niched B) formulated C) entrepreneurial D) intrepreneurial E) targeted
D
38) Companies that have been in existence for some time often lose the marketing creativity and passion that they had at the start. They now need to refresh their marketing strategies and try new approaches. This is known as ________. A) network marketing B) formulated marketing C) entrepreneurial marketing D) intrepreneurial marketing E) blue sky marketing
A
39) There will be a constant tension between the formulated side of marketing and the ________. A) creative side B) competitor side C) customer side D) overall cost leadership E) product value
C
4) Strategies that strongly position the company against competitors and that give the company the strongest possible strategic advantage are ________. A) competitor analyses B) customer relationship strategies C) competitive marketing strategies D) competitive relationship strategies E) universal strategy analyses
D
40) Michael Porter suggests four basic competitive positioning strategies that companies can follow-three winning strategies and one losing one. Which of the following are considered winning strategies? A) middle-of-the-roader, focus, and overall cost leadership B) focus, differentiation, and middle-of-the-roader C) overall cost leadership, differentiation, and middle-of-the-roader D) overall cost leadership, differentiation, and focus E) differentiation, operational excellence, and focus
B
41) Companies that pursue a clear strategy will likely perform well. Firms that do not pursue a clear strategy are called ________. A) challenger risk-takers B) middle-of-the-roaders C) nichers D) analyzers E) overall cost leaders
C
42) Sears and Holiday Inn encountered difficult times because they did not stand out as the lowest in cost, highest in perceived value, or best in serving some market segment. Both companies are ________. A) nichers B) challenger risk-takers C) middle-of the roaders D) differentiated E) formulated
E
43) Companies can pursue any of which of the following three strategies, called value disciplines, for delivering superior customer value? A) operational excellence, overall cost leadership, and differentiation B) customer intimacy, operational excellence, and focus C) employee relations, product leadership, and overall cost leadership D) product leadership, customer intimacy, and focus E) operational excellence, customer intimacy, and product leadership
C
44) When a company provides superior value by leading its industry in price and convenience, it has obtained what is called ________. A) product leadership B) employee excellence C) operational excellence D) employee intimacy E) focus leadership
A
45) When customers are willing to pay a premium to get precisely what they want and a company responds quickly to satisfy customer needs, the company has achieved what is called ________. A) customer intimacy B) employee intimacy C) operational excellence D) promotional intimacy E) marketing intelligence
D
46) If a company's aim is to make its own and competing products obsolete and serve customers who want state-of-the-art products and services, it is using a value discipline called ________. A) captive-product innovation B) promotional innovation C) new product innovation D) product leadership E) market leadership
E
47) Which of the following is NOT an example of the competitive positions or roles that firms play in the target market? A) market leader B) market challenger C) market follower D) market nicher E) market provider
C
48) Most of the market is in the hands of the ________, the firm with the largest market share. A) market challenger B) market follower C) market leader D) market nicher E) market provider
D
49) Firms that serve small segments not being pursued by other firms are called ________. A) market followers B) direct marketers C) market challengers D) market nichers E) market leaders
A
5) ________ involves first identifying and assessing competitors and then selecting which competitors to attack or avoid. A) Competitor analysis B) Benchmarking C) Customer-centered analysis D) Market leading E) The marketing management process
B
50) ________ are those runner-up firms that are working to increase their market share in an industry. A) Market leaders B) Market challengers C) Market followers D) Market analyzers E) Market nichers
B
6) To plan effective marketing strategies, the company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotion with those of close competitors. This is an example of ________. A) benchmarking B) competitor analysis C) customer value analysis D) product leadership E) continuous innovation
C
7) Companies can identify competitors from a ________ point of view by defining competitors as companies that are trying to satisfy the same customer need or build relationships with the same customer group. A) customer's B) market nicher's C) market D) database E) industry
A
8) Companies can identify ________ from both the industry and market point of view. A) competitors B) products C) customers D) locations E) employees
E
9) A company is guilty of ________ if the company forgets latent competitors and only focuses on current competitors. A) marketing myopia B) misdirected segmentation C) competitor synergy D) competitor phobia E) competitor myopia
