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