Bus 312 ch 18
Which of the following describes product leadership
A company's provision of superior value by offering a continuous stream of leading-edge products or services
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
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
___ involves comparing the company's products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance.
Benchmarking
Engaging in a full frontal attack is a strategy for __________.
Market challengers
Which of the following strategies would be utilized by a market challenger?
Observe what has made the market leader successful and improve on it.
What are the three winning competitive positioning strategies proposed by Michael Porter?
Overall cost leadership, differentiation, and focus
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
What is the definition of a market nicher?
a firm that serves small segments that the other firms in an industry overlook or ignore
Which of the following describes a market challenger?
a runner-up firm that is fighting hard to increase its market share in an industry
What occurs as part of the operational excellence strategy?
company provides superior value by leading its industry in price and convenience
_____ involves identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid.
competitor analysis
"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
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
A ___ is a company whose moves are mainly based on competitors actions and reactions.
competitor-centered company
Competition can be good for a firm for all of the following reasons EXCEPT.
competitors may erode profit margins
In the differentiation strategy, the company
concentrates on creating a highly differentiated product line and marketing program so that it comes across as the class leader in the industry
A tool considered useful for assessing competitor strengths and weaknesses is __________.
customer value analyses
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
____ determines what benefits target customers value and how they rate the relative value of various competitors' offers.
customer value analysis
A ____ , is a company that focuses on customer developments in designing its marketing strategies and delivering superior value to its target customers.
customer-centered company
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
According to the text, it is important that a company design a competitive intelligence system that is ___
difficult to copy
Marketing strategy often passes through three stages. At which stage is a company started by an individual who visualizes an opportunity?
entrepreneurial marketing
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
In the ___ strategy, the company focuses its effort on serving a few market segments well rather than going after the whole market.
focus
Ritz-Carlton focuses on the top 5 percent of corporate and leisure travelers. This represents a(n) __________ strategy.
focus
What is the first thing a company does when analyzing competitors?
identify the company's competitors
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
A __________ is a runner-up firm that wants to hold its share in an industry without rocking the boat.
market follower
A strategy for ________ is following closely.
market followers
In competitive positioning, __________ are runner-up firms that want to hold their share without rocking the boat.
market followers
Which of the following is the firm with the largest market share in an industry?
market leader
Expanding the total market is a strategy for
market leaders
Regarding their competitive position, Walmart, Amazon, Coca-Cola, and Facebook are all examples of __________.
market leaders
According to the text, which customer and competitor orientation should company's today practice?
market-centered
A ___ is a company that pays balanced attention to both customers and competitors in designing its marketing strategies.
market-centered company
___ is a strategy for market nichers.
multiple niching
When a company provides superior value by leading its industry in price and convenience, it is pursuing a(n) __________ strategy.
operational excellence
Companies such as Walmart and Spirit Airlines offer lower prices than competitors. Which competitive strategy are they using?
overall cost leadership
Competitive marketing strategies are primarily used for ___
positioning the company against competitors and giving the company the strongest possible strategic advantage
A company has a(n) __________ orientation when it is not customer-centered and is also not competitor-centered.
product
What is the key idea in a market nicher strategy?
specialization
Market nichers who focus on companies such as Walmart or General Motors are referred to as
specific customer nicher
The most preferred orientation for companies is __________.
to be market oriented
In the overall cost leadership strategy, the company __
works hard to achieve the lowest production and distribution costs
