chapter 18 marketing

Most companies will compete with ________ rather than ________. -distant competitors; close competitors -close competitors; distant competitors -benchmarkers; distant competitors market challengers; market followers market challengers; market nichers

-close competitors; distant competitors

In the context of identifying competitors' strategies, the more that one firm's strategy resembles another firm's strategy, the more likely the two firms are to ________.

compete

Strategies that strongly position a company against competitors and that give the company the best possible strategic advantage are ________ strategies.

competitive marketing

Customer value analysis

determines the benefits that target customers' value and how customers rate the relative value of various competitors' offers.

Bosch is a German firm that manufactures home appliances such as dishwashers, ovens, and ranges. It competes with companies such as GE Elite and LG. Bosch is perceived as the class of the industry. Bosch pursues a(n) ________ strategy.

focus

A company that pursues ________ will react much more strongly to a competitor's cost reducing manufacturing breakthrough than to the same competitor's advertising increase.

low cost leadership

Which of the following is a competitive position or role that firms play in the target market?

market nicher

Product leadership

refers to a company providing superior value by offering a continuous stream of leading-edge products or services. Product leaders are open to new ideas and solutions and bring them quickly to the market.

Customer intimacy

refers to a company providing superior value by segmenting markets and tailoring products or services to match the needs of the targeted customers

Operational excellence

refers to a company providing value by leading its industry in price and convenience by reducing costs and creating a lean and efficient value delivery system.

Market-centered company

spends most of its time focusing on both competitor and customer developments in designing strategies.

customer-centered company

spends most of its time focusing on customer developments in designing strategies

Competitor-centered company

spends most of its time tracking competitor's moves and market shares and trying to find ways to counter them

Benchmarking has become a powerful tool for increasing a company's ________.

Competitiveness

overall cost leadership strategy

a company achieves the lowest production and distribution costs and allows it to lower its prices and gain market share

differentiation strategy

a company concentrates on creating a highly differentiated product line and marketing program so it comes across as an industry class leader

focus strategy

a company focuses its effort on serving few market segments well rather than going after the whole market

Competitive marketing strategies

are how companies analyze their competitors and develop value-based strategies for profitable customer relationships.

Which of the following is the first step taken in the competitive intelligence system?

identify the vital types of competitive information needed

Companies that have been in existence for some time often lose the marketing creativity and passion that they had at the start. They often need to refresh their marketing strategies and try new approaches, known as ________.

intrapreneurial marketing

Formulated marketing

involves developing formal marketing strategies and following them closely

Intrepreneurial marketing

involves the attempt to reestablish an internal entrepreneurial spirit and refresh marketing strategies and approaches

Entrepreneurial marketing

involves visualizing an opportunity and constructing and implementing flexible strategies

Competitor analysis

is the process of identifying , assessing, and selecting key competitors

Competitive advantages

require delivering more value and satisfaction to target consumers than competitors