Exam 18: Creating Competitive Advantage

Explain how a market follower can gain advantage from a market leader.

Marketers can expand markets by discovering and promoting ________.

Name the three value disciplines.

As small companies achieve success, they inevitably move toward more ________ marketing. They adopt more-developed marketing tools and adhere to them closely.

Whereas the mass marketer achieves ________, the nicher achieves ________.

Which of the following statements is true of the approaches to marketing strategy?

A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers is a ________ company.

Compare and contrast the four competitive positions that are often used to describe market structures.

Market leaders can expand the market by ________ and more usage of the product.

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

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 ________.

Computer mouse and interface device maker AdvTechPRO is only a fraction the size of software giant Terminal Time Software Inc. AdvTechPRO manufactures every variation of computer mouse imaginable (for left-handed people, wireless mice, shaped like actual mice, LED mice, etc.). Through skillful ________, the firm dominates the PC mouse market, with Terminal Time Software as its runner up.

Continuous innovation is a weak response by a company trying to protect its market share.

Which of the following is a market leader strategy?

Discuss the different levels at which competitors can be identified.

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 ________.

Companies that operate large marketing departments, conduct expensive marketing research, spell out elaborate competitive strategies, and spend huge sums on advertising are using ________ marketing strategies.

Benchmarking involves comparing the firm's products and processes to those of the competitors to identify best practices to improve quality and performance.

Firms that serve small segments not being pursued by other firms are called ________.

Refer to the scenario below to answer the following question(s). 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. -According to the overall cost leadership competitive strategy, the company works hard to achieve the lowest production and distribution costs.