Chapter 18 Quiz

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

A customer intimacy strategy requires quickly responding to customer needs.

What is a strategic​ group? A. A group of firms in an industry that target different markets with different strategies B. A group of firms in an industry that do not compete with one another C. 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 E. A group of firms in an industry following different strategies

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

correct,Chapter Quiz 18.1.2 Question Help What is the first thing a company does when analyzing​ competitors? A. Select which competitors to attack. B. Select which competitors to avoid. C. Identify the​ company's competitors. D. Assess the​ competitor's objectives and strategies. E. Assess​ competitor's strengths and weaknesses.

Identify the​ company's competitors.

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. Find one or more market niches that are safe and profitable. C. Protect their current market share through good defensive and offensive actions. D. Expand total demand. E. Expand their market share further.

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? A. Overall cost leadership B. Price leadership C. Differentiation D. Focus E. ​Middle-of-the-road

Overall cost leadership

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

Overall cost​ leadership, differentiation, and focus

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

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? A. Through differentiation B. Through specialization C. Through fixing weaknesses D. Through operational excellence E. Through continuous innovation

Through continuous innovation

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

To assess​ competitor's strengths and weaknesses

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

To make competition irrelevant by finding uncontested market spaces

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

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. not competitors C. bad competitors D. weak competitors E. good competitors

bad competitors

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

competitive advantage

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. perfect competition D. competitor analysis E. organizational evaluation

competitor analysis

​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. a blue ocean strategy B. marketing myopia C. competitor myopia D. competitor backlinking E. ​self-competition

competitor myopia

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, finding a niche for the​ product, and encouraging more usage of its products B. finding new users of the​ product, promoting new uses for the​ product, and encouraging more usage of its products C. finding new users of the​ product, promoting new uses for the​ product, and aggressively cutting price D. finding new users of the​ product, promoting new uses for the​ product, and driving out competitors E. encouraging more usage of its​ products, driving out​ competitors, and finding a niche for the product

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. market segmentation B. focus C. ​middle-of-the-roaders D. overall cost leadership E. blue ocean

focus

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

focus

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. product B. myopic C. industry D. market E. competitive

market

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

market followers

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

market leaders

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

play by the rules of the industry

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. experimental group B. target group C. control group D. focus group E. strategic group

strategic group

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

when unit costs drop as market share increases

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

​middle-of-the-roaders