Exam 12: Addressing Competition and Driving Growth

A market-penetration strategy is one where a company searches for new customers in a group that has never used a product before.

The key idea in successful nichemanship is specialization. Which of the following specialists would most closely be identified with the characterization of being an organization that limits its selling to one customer?

A job-shop specialist ________.

A firm that serves small market segments that are not being served by bigger firms is known as a market ________.

As a(n) ________, BurgerJacks, a fast food chain selling low-price burgers, has differentiated itself by setting up base in a market not yet exploited by McDonald's.

After Olay entered and took over the Indian market with its anti-aging lotion, Ponds invested heavily in a similar product which used only natural ingredients. This is an example of a ________ defense.

Assume that your firm is a market leader in manufacturing detergent. How would the firm use position defense as a defensive marketing strategy to maintain its share?

For a market challenger, attacking ________ is a high risk but potentially high payoff strategy, which also allows it to distance itself from other challengers.

Describe the four broad strategies often employed by market followers to meet their competitors.

The market leader strategy ensures high sales volume, whereas the market nicher strategy allows firms to achieve ________.

Describe a counterfeiter as a market-follower.

In a ________ defense, the market leader stretches its domain over new territories that can serve as future centers for defense and offense.

________ is the period of slow sales growth and nonexistent profits.

What must a firm do to sustain rapid market share growth?

When food product companies advertise recipes that use their branded products in entirely different ways, they are increasing the ________ consumption of the brand.

After a couple of years of successful business, an experimental theatre company based in Aurora is unable to sell tickets for its theatre shows. They have been using profits from previous shows to run the business. The company is in the ________ phase of its life cycle.

During the introduction stage of the product life cycle, firms are likely to use cost-plus pricing.

The most constructive response to protecting market share is continuous innovation.

When firms look for new users in groups that have never used the product before, the firm is using the ________ strategy.

As a market follower strategy, the ________ emulates the leader's products, name, and packaging, with slight variations.