Question 1

Most of the market is in the hands of the ________, the firm with the largest market share.

Accepted Answer

A)  market challenger 
B)  market follower 
C)  market leader 
D)  market nicher 
E)  market maven 
A)  market challenger 
B)  market follower 
C)  market leader 
D)  market nicher 
E)  market maven

Question 2

Greener-grass Inc. is a lawn care company providing landscaping and lawn maintenance services to customers in and around Kansas City. The marketing team at Greener-grass carefully tracks the moves of competing companies, watching for shifting strategies and new promotions. The marketing team is also in constant touch with customers, using surveys and other feedback methods to find out what kind of services customers value the most. Greener-grass is most accurately described as having a ________ orientation.

Accepted Answer

A)  market 
B)  product 
C)  customer 
D)  competitor 
E)  leadership 
A)  market 
B)  product 
C)  customer 
D)  competitor 
E)  leadership

Question 3

Walmart, Costco, and Southwest Airlines serve customers who want reliable, good-quality products or services that are also reasonable and easily available. These companies are all known for pursuing a value discipline known as ________.

Accepted Answer

A)  operational excellence 
B)  customer intimacy 
C)  product differentiation 
D)  product leadership 
E)  focus 
A)  operational excellence 
B)  customer intimacy 
C)  product differentiation 
D)  product leadership 
E)  focus

Question 4

Gary Hirshberg started the Stonyfield Farm yogurt company. His marketing strategy: building a casual bond with customers using guerilla marketing. This is an example of formulated marketing.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is a positive aspect of a competitor-centered company?

Accepted Answer

A)  It carries out its own customer relationship strategy. 
B)  It bases its own moves on competitors' moves. 
C)  It searches out competitors' weaknesses. 
D)  It concentrates its resources on delivering superior value to target customers. 
E)  It ends up seeking innovative ways to create more value for customers. 
A)  It carries out its own customer relationship strategy. 
B)  It bases its own moves on competitors' moves. 
C)  It searches out competitors' weaknesses. 
D)  It concentrates its resources on delivering superior value to target customers. 
E)  It ends up seeking innovative ways to create more value for customers.

Question 6

In some markets, competitors live in relative harmony.

Accepted Answer

A) True 
 B)False

Question 7

To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of ________.

Accepted Answer

A)  blue ocean strategy 
B)  competitor analysis 
C)  organizational evaluation 
D)  perfect competition 
E)  quantitative analysis 
A)  blue ocean strategy 
B)  competitor analysis 
C)  organizational evaluation 
D)  perfect competition 
E)  quantitative analysis

Question 8

Refer to the scenario below to answer the following questions.
Essential-Beauty is a rapidly growing firm that manufactures women's makeup, perfumes, and nail-care products. The company has established itself as a high-end cosmetic product brand available at most national drug stores. In the past, almost all of the advertising for Essential-Beauty has been in women's fashion magazines.
The firm is now launching a new line of skin care products, ranging from facial cleansers to body lotion. These products are designed to be marketed to a broader audience, so the marketing team is exploring the effectiveness of different promotional mixes.
-Essential-Beauty considers one of its most important competitors to be Look-Lovely, another marketer of high-end makeup and skin care products sold in drug stores. Based on this, it is most accurate to say that Look-Lovely and Essential-Beauty are both ________.

Accepted Answer

A)  niche marketers 
B)  in the same strategic group 
C)  distant competitors 
D)  overall cost leaders 
E)  market followers 
A)  niche marketers 
B)  in the same strategic group 
C)  distant competitors 
D)  overall cost leaders 
E)  market followers

Question 9

How can companies learn about their competitors' strengths and weaknesses?

Accepted Answer

Companies normally learn about their com

Question 10

Marketing managers need a deep understanding of a given competitor's mentality if they want to anticipate how the competitor will act or react. Discuss the different ways competitors act or react. Why do they do so? Use examples to support your thoughts.

Accepted Answer

Each competitor reacts differently. Some

Question 11

In the audio equipment industry, Philips and Sony belong to the same ________.

Accepted Answer

A)  target group 
B)  strategic group 
C)  experimental group 
D)  control group 
E)  focus group 
A)  target group 
B)  strategic group 
C)  experimental group 
D)  control group 
E)  focus group

Question 12

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

Accepted Answer

A)  competitive advantage 
B)  first-mover advantage 
C)  economies of scale 
D)  comparative advantage 
E)  differentiation 
A)  competitive advantage 
B)  first-mover advantage 
C)  economies of scale 
D)  comparative advantage 
E)  differentiation

Question 13

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

Accepted Answer

A)  multi-level marketing 
B)  formulated marketing 
C)  ambush marketing 
D)  intrepreneurial marketing 
E)  affinity marketing 
A)  multi-level marketing 
B)  formulated marketing 
C)  ambush marketing 
D)  intrepreneurial marketing 
E)  affinity marketing

Question 14

A competitor analysis requires the assessment of all of the following EXCEPT the competitors' ________.

Accepted Answer

A)  objectives 
B)  organizational hierarchy 
C)  strategies 
D)  strengths and weaknesses 
E)  reaction patterns 
A)  objectives 
B)  organizational hierarchy 
C)  strategies 
D)  strengths and weaknesses 
E)  reaction patterns

Question 15

Companies use secondary data, personal experience, and word of mouth to ________.

Accepted Answer

A)  identify competitors' target customers and strategies 
B)  identify competitors' target locations and market share 
C)  learn about their competitors' strengths and weaknesses 
D)  select competitors to attack or avoid 
E)  estimate competitors' sales projections 
A)  identify competitors' target customers and strategies 
B)  identify competitors' target locations and market share 
C)  learn about their competitors' strengths and weaknesses 
D)  select competitors to attack or avoid 
E)  estimate competitors' sales projections

Question 16

To remain number one, leading firms can take any of three actions. First, they can find ways to expand total demand. Second, they can protect their current market share through good defensive and offensive actions. Third, they can ________.

Accepted Answer

A)  focus exclusively on divestment 
B)  evaluate current employees and reduce costs through downsizing 
C)  run smaller companies out of business, causing them to sell out to larger firms 
D)  try to expand their market share further, even if market size remains constant 
E)  shut down current company locations and reopen in highly populated areas 
A)  focus exclusively on divestment 
B)  evaluate current employees and reduce costs through downsizing 
C)  run smaller companies out of business, causing them to sell out to larger firms 
D)  try to expand their market share further, even if market size remains constant 
E)  shut down current company locations and reopen in highly populated areas

Question 17

When companies serve customers who are willing to pay a premium to get precisely what they want and the company responds quickly to satisfy these customers' needs, the company has achieved ________.

Accepted Answer

A)  customer intimacy 
B)  product differentiation 
C)  operational excellence 
D)  product leadership 
E)  focus 
A)  customer intimacy 
B)  product differentiation 
C)  operational excellence 
D)  product leadership 
E)  focus

Question 18

Porsche is a German automobile manufacturer that competes against BMW and Audi, but only in the sports car and SUV segments of the automobile market. Porsche utilizes a(n) ________ strategy.

Accepted Answer

A)  overall cost leadership 
B)  focus 
C)  middle-of-the-roaders 
D)  market segmentation 
E)  blue ocean 
A)  overall cost leadership 
B)  focus 
C)  middle-of-the-roaders 
D)  market segmentation 
E)  blue ocean

Question 19

At the narrowest level, a company can define its competitors as other companies offering similar products and services to the same customers at similar prices.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following conditions would enable higher market share to produce higher profits?

Accepted Answer

A)  when unit costs drop as market share increases 
B)  when unit costs increase as market share increases 
C)  when production volume drops as market share increases 
D)  when production volume remains unaltered as market share increases 
E)  when the company fails to break-even 
A)  when unit costs drop as market share increases 
B)  when unit costs increase as market share increases 
C)  when production volume drops as market share increases 
D)  when production volume remains unaltered as market share increases 
E)  when the company fails to break-even

Most of the market is in the hands of the ________, the firm with the largest market share.

Walmart, Costco, and Southwest Airlines serve customers who want reliable, good-quality products or services that are also reasonable and easily available. These companies are all known for pursuing a value discipline known as ________.

Gary Hirshberg started the Stonyfield Farm yogurt company. His marketing strategy: building a casual bond with customers using guerilla marketing. This is an example of formulated marketing.

Which of the following is a positive aspect of a competitor-centered company?

In some markets, competitors live in relative harmony.

To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of ________.

How can companies learn about their competitors' strengths and weaknesses?

Marketing managers need a deep understanding of a given competitor's mentality if they want to anticipate how the competitor will act or react. Discuss the different ways competitors act or react. Why do they do so? Use examples to support your thoughts.

In the audio equipment industry, Philips and Sony belong to the same ________.

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

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

A competitor analysis requires the assessment of all of the following EXCEPT the competitors' ________.

Companies use secondary data, personal experience, and word of mouth to ________.

To remain number one, leading firms can take any of three actions. First, they can find ways to expand total demand. Second, they can protect their current market share through good defensive and offensive actions. Third, they can ________.

When companies serve customers who are willing to pay a premium to get precisely what they want and the company responds quickly to satisfy these customers' needs, the company has achieved ________.

Porsche is a German automobile manufacturer that competes against BMW and Audi, but only in the sports car and SUV segments of the automobile market. Porsche utilizes a(n) ________ strategy.

At the narrowest level, a company can define its competitors as other companies offering similar products and services to the same customers at similar prices.

Which of the following conditions would enable higher market share to produce higher profits?

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behavior

Business Markets and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

New-Product Development and Product Life Cycle Strategies

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 18: Creating Competitive Advantage

Most of the market is in the hands of the ________, the firm with the largest market share.

Walmart, Costco, and Southwest Airlines serve customers who want reliable, good-quality products or services that are also reasonable and easily available. These companies are all known for pursuing a value discipline known as ________.

Gary Hirshberg started the Stonyfield Farm yogurt company. His marketing strategy: building a casual bond with customers using guerilla marketing. This is an example of formulated marketing.

Which of the following is a positive aspect of a competitor-centered company?

In some markets, competitors live in relative harmony.

To plan effective marketing strategies, a company needs to find out all it can about its competitors. It must constantly compare its marketing strategies, products, prices, channels, and promotions with those of close competitors. This is an example of ________.

How can companies learn about their competitors' strengths and weaknesses?

Marketing managers need a deep understanding of a given competitor's mentality if they want to anticipate how the competitor will act or react. Discuss the different ways competitors act or react. Why do they do so? Use examples to support your thoughts.

In the audio equipment industry, Philips and Sony belong to the same ________.

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

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

A competitor analysis requires the assessment of all of the following EXCEPT the competitors' ________.

Companies use secondary data, personal experience, and word of mouth to ________.

To remain number one, leading firms can take any of three actions. First, they can find ways to expand total demand. Second, they can protect their current market share through good defensive and offensive actions. Third, they can ________.

When companies serve customers who are willing to pay a premium to get precisely what they want and the company responds quickly to satisfy these customers' needs, the company has achieved ________.

Porsche is a German automobile manufacturer that competes against BMW and Audi, but only in the sports car and SUV segments of the automobile market. Porsche utilizes a(n) ________ strategy.

At the narrowest level, a company can define its competitors as other companies offering similar products and services to the same customers at similar prices.

Which of the following conditions would enable higher market share to produce higher profits?

Marketing: Creating and Capturing Customer Value

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Consumer Buyer Behavior

Business Markets and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

New-Product Development and Product Life Cycle Strategies

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters