MKT 6301 Chapter 6 quiz

_______ definitions of the competitive arena creates uncertainty in understanding market structure and conducting market analysis.

Ambiguous

Brands pursuing a profit objective at the expense of some share loss would normally increase their marketing budgets.

False

Generic competition is inward orientated.

False

In assessing the strengths and weaknesses of a competitor, it is vital to know the political affiliation of its CEO.

False

In gathering information about the market, it is essential to consult tertiary sources.

False

________ is a list of strategies, one for each player, with the property that no manager wants to unilaterally change his or her strategy.

Nash equilibrium

The strengths and weaknesses of competitors and their current and likely future strategies is known as a market structure analysis.

The strengths and weaknesses of competitors and their current and likely future strategies is known as a market structure analysis.

Economists often use cross-elasticity of demand as an indicator of substitutability.

True

Product form or product category competition is inward oriented.

True

To use the game theory, one must have a list of participants, a list of strategies for each participant, and rewards and costs received by each participant.

True

You can assess competitors' core strategies by studying their marketing communications.

True

List and briefly describe the three elements required of the simplest form of a game.

a. A list of participants or players b. For each player, a list of strategies c. A payoff matrix indicating the rewards and cost received by each player.

List and briefly describe the four different levels of competition.

a. Product form/type - the narrowest definition of competition that results in the fewest competitors and includes only products or services of the same product type. b. Product class/category - a broader definition than product form that results in a product segment of the industry. c. Generic competition - incorporates the customer's notions about substitutability. At this level, competition is defined as the products or services that the customer views as fulfilling the same need. d. Budget competition - a product that is substitutable in the customer's budget.

Which of the following is the most difficult kind of competition to assess because it cannot be observed readily and competitors may be numerous?

budget and generic

The final level of competition and the most general is called which of the following?

budget competition

Which of the types of competition below might be defined as products or services that the customer views as fulfilling the same need?

generic competition

Which of the following is a good example of an industry?

houseware products

All of the following are mentioned in the text as important attributes of a competitor's marketing communications except:

how they use price discrimination

A __________ will identify the competitors for your product or service.

market structure analysis

Enabling the marketing manager to understand and identify the competition is the purpose of which of the following?

market structure analysis

A company where privatization resulted from a leveraged buyout is interested in which of the following situations?

more interested in profits and cash flow to pay down debt

Other than objectives, all of the following are major elements of the strategy that the marketing manager must monitor except:

nonprofit contributions

A SWOT analysis focuses on which of the following?

on your business only

Which of the following levels of competition can be determined from observation and external data sources?

product form and product category

Which of the following best describes different specific combinations of features within each product type?

product variants and brand

To analyze the strengths and weakness of a competitor, assessment of all of the following categories are important except:

the ability to price discriminate effectively

The simplest form of a game requires all of the following elements except:

the age cohort of each player

According to the text, all of the following are main parts of a competitor analysis except:

the political affiliation of the CEO

In evaluating industrial advertising, __________ can identify the target customers by examining the audiences who view, read, or listen to the medium where competitor's ads appear.

tracking services

Without the forecasting aspect of competitor analysis:

you are always reacting to where competitors have been rather than where they are going