MKT 3501 CH 18 QUIZ
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
Strategies that strongly position a company against competitors and that give the company the best possible strategic advantage are ________ strategies.
COMPETITIVE MARKETING
Fosters and Mason House, two major coffee brands, competed neck and neck based on their product attributes and price promotions. They were soon blindsided by the arrival of Starcoffeez, which focused more on the coffee experience rather than the coffee. This resulted in major losses for the two companies. This is an example of ________.
COMPETITOR MYOPIA
From a(n) ________ point of view, Pepsi might see its competition as Coca-Cola, Dr Pepper, 7UP, and the makers of other soft drink brands. From a(n) ________ point of view, however, the customer really wants "thirst quenching."
INDUSTRY; MARKET
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
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
MARKET?
What are the three winning competitive positioning strategies proposed by Michael Porter?
Overall cost leadership, differentiation, and focus
Which of the following is most critical for successful niching?
SPECIALIZATION
A firm should compete with ________ competitors in order to sharpen its abilities. Succeeding against these competitors often provides greater returns.
STRONG
What is benchmarking used for?
To assess competitor's objectives and strategies
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
Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a ________.
blue ocean strategy
The goal of performing a competitor analysis is to ________.
find areas of potential competitive advantage and disadvantage
Companies can identify their competitors from both ________ points of view.
industry and market
Market niching is profitable because the company ________.
knows the needs of the target customer segment better than other firms that casually attempt to sell to the same segment
Most of the market is in the hands of the ________, the firm with the largest market share.
market leader
Firms that serve small segments not being pursued by other firms are called ________.
market nichers
A company's close competitors are ________.
those that most resemble the company's operations
If a company is a market leader in one category, and a market challenger or market nicher in other categories, it will follow ________ strategies for each category.
unique
Although it might seem that the market leader has the most going for it, challengers often have what some strategists call a ________. The challenger observes what has made the leader successful and improves upon it.
"second mover advantage"
Companies that pursue a clear strategy will likely perform well. Firms that do not pursue a clear strategy are called ________.
middle-of-the-roaders
