Question 1

The competitive intelligence system continuously collects information from the field through ________.

Accepted Answer

A)  government publications 
B)  online monitoring 
C)  speeches 
D)  online databases 
E)  market surveys 
A)  government publications 
B)  online monitoring 
C)  speeches 
D)  online databases 
E)  market surveys

Question 2

The first step in initiating competitive marketing strategies is to ________.

Accepted Answer

A)  balance customer and competitor orientations 
B)  design broad competitive marketing strategies 
C)  assess long-term organizational objectives 
D)  conduct competitor analysis 
E)  conduct transaction analysis 
A)  balance customer and competitor orientations 
B)  design broad competitive marketing strategies 
C)  assess long-term organizational objectives 
D)  conduct competitor analysis 
E)  conduct transaction analysis

Question 3

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 4

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

Accepted Answer

A)  product mix 
B)  mass appeal 
C)  employee training services 
D)  distribution channels 
E)  competitiveness 
A)  product mix 
B)  mass appeal 
C)  employee training services 
D)  distribution channels 
E)  competitiveness

Question 5

Kodak's film business didn't lose out to direct competitor Fujifilm; it lost out to Sony, Canon, and other digital camera makers, along with a host of digital image developers and online image sharing services. This is an example of ________.

Accepted Answer

A)  a blue ocean strategy 
B)  competitor backlinking 
C)  self-competition 
D)  competitor myopia 
E)  marketing myopia 
A)  a blue ocean strategy 
B)  competitor backlinking 
C)  self-competition 
D)  competitor myopia 
E)  marketing myopia

Question 6

The competitive intelligence system of a company supplies key information to relevant decision makers about the company's competitors.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following statements is most likely true of market follower strategies?

Accepted Answer

A)  Market followers have the resources to expand the market by developing new users, new uses, and more usage of its products. 
B)  Market followers must expand internationally first to ensure distribution effectiveness, cost savings, and quality control. 
C)  Market followers should conduct indirect attacks on competitor's weaknesses to gain market share quickly and inexpensively. 
D)  Market followers benefit from pursuing subsegments of target markets due to their limited resources. 
E)  Market followers must keep manufacturing costs and prices low or product quality and services high. 
A)  Market followers have the resources to expand the market by developing new users, new uses, and more usage of its products. 
B)  Market followers must expand internationally first to ensure distribution effectiveness, cost savings, and quality control. 
C)  Market followers should conduct indirect attacks on competitor's weaknesses to gain market share quickly and inexpensively. 
D)  Market followers benefit from pursuing subsegments of target markets due to their limited resources. 
E)  Market followers must keep manufacturing costs and prices low or product quality and services high.

Question 8

According to Michael Porter, what are three effective competitive positioning strategies?

Accepted Answer

A)  middle-of-the-roaders, focus, and overall cost leadership 
B)  focus, differentiation, and middle-of-the-roaders 
C)  overall cost leadership, differentiation, and middle-of-the-roaders 
D)  overall cost leadership, differentiation, and focus 
E)  differentiation, market segmentation, and focus 
A)  middle-of-the-roaders, focus, and overall cost leadership 
B)  focus, differentiation, and middle-of-the-roaders 
C)  overall cost leadership, differentiation, and middle-of-the-roaders 
D)  overall cost leadership, differentiation, and focus 
E)  differentiation, market segmentation, and focus

Question 9

Discuss the four evolving company orientations. Which orientation is considered most successful and why?

Accepted Answer

In the first orientation, companies are

Question 10

Most companies prefer to compete against strong competitors.

Accepted Answer

A) True 
 B)False

Question 11

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.
-Companies with multiple products or businesses typically choose one marketing strategy for all their different businesses or products.

Accepted Answer

A) True 
 B)False

Question 12

Most companies are started by individuals who live by their wits. They visualize an opportunity, take risks, and knock on every door to gain attention. Which of the following stages in marketing strategy is being illustrated here?

Accepted Answer

A)  exponential marketing 
B)  formulated marketing 
C)  entrepreneurial marketing 
D)  affinity marketing 
E)  ambush marketing 
A)  exponential marketing 
B)  formulated marketing 
C)  entrepreneurial marketing 
D)  affinity marketing 
E)  ambush marketing

Question 13

An analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers is known as ________.

Accepted Answer

A)  customer lifetime value 
B)  customer value analysis 
C)  quantitative analysis 
D)  brand value proposition 
E)  benchmarking 
A)  customer lifetime value 
B)  customer value analysis 
C)  quantitative analysis 
D)  brand value proposition 
E)  benchmarking

Question 14

A company's close competitors are ________.

Accepted Answer

A)  considered "bad" competitors 
B)  a serious threat and hence, must be attacked rather than ignored 
C)  those that most resemble the company's operations 
D)  typically ignored as they seldom pose any threat 
E)  the sole focus of successful companies 
A)  considered "bad" competitors 
B)  a serious threat and hence, must be attacked rather than ignored 
C)  those that most resemble the company's operations 
D)  typically ignored as they seldom pose any threat 
E)  the sole focus of successful companies

Question 15

When companies watch both their buyers and their competitors, they are called ________ companies.

Accepted Answer

A)  product-centered 
B)  market-centered 
C)  customer-centered 
D)  competitor-centered 
E)  cost-centered 
A)  product-centered 
B)  market-centered 
C)  customer-centered 
D)  competitor-centered 
E)  cost-centered

Question 16

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.
-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 17

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 ________.

Accepted Answer

A)  merge 
B)  compete 
C)  globalize 
D)  form a partnership 
E)  become market leaders 
A)  merge 
B)  compete 
C)  globalize 
D)  form a partnership 
E)  become market leaders

Question 18

If a company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and ________, or it can charge the same price and ________.

Accepted Answer

A)  earn lower profits; gain higher profits 
B)  earn higher profits; lose profits 
C)  earn higher profits; gain more market share 
D)  lose profits; gain more market share 
E)  lose profits; gain higher profits 
A)  earn lower profits; gain higher profits 
B)  earn higher profits; lose profits 
C)  earn higher profits; gain more market share 
D)  lose profits; gain more market share 
E)  lose profits; gain higher profits

Question 19

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.
-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 20

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

The competitive intelligence system continuously collects information from the field through ________.

The first step in initiating competitive marketing strategies is to ________.

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 ________.

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

Kodak's film business didn't lose out to direct competitor Fujifilm; it lost out to Sony, Canon, and other digital camera makers, along with a host of digital image developers and online image sharing services. This is an example of ________.

The competitive intelligence system of a company supplies key information to relevant decision makers about the company's competitors.

Which of the following statements is most likely true of market follower strategies?

According to Michael Porter, what are three effective competitive positioning strategies?

Discuss the four evolving company orientations. Which orientation is considered most successful and why?

Most companies prefer to compete against strong competitors.

Most companies are started by individuals who live by their wits. They visualize an opportunity, take risks, and knock on every door to gain attention. Which of the following stages in marketing strategy is being illustrated here?

An analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers is known as ________.

A company's close competitors are ________.

When companies watch both their buyers and their competitors, they are called ________ companies.

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 ________.

If a company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and , or it can charge the same price and .

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 ________.

Marketing: Creating Customer Value and Engagement

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and 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

Engaging Customers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 18: Creating Competitive Advantage

The competitive intelligence system continuously collects information from the field through ________.

The first step in initiating competitive marketing strategies is to ________.

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 ________.

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

Kodak's film business didn't lose out to direct competitor Fujifilm; it lost out to Sony, Canon, and other digital camera makers, along with a host of digital image developers and online image sharing services. This is an example of ________.

The competitive intelligence system of a company supplies key information to relevant decision makers about the company's competitors.

Which of the following statements is most likely true of market follower strategies?

According to Michael Porter, what are three effective competitive positioning strategies?

Discuss the four evolving company orientations. Which orientation is considered most successful and why?

Most companies prefer to compete against strong competitors.

Most companies are started by individuals who live by their wits. They visualize an opportunity, take risks, and knock on every door to gain attention. Which of the following stages in marketing strategy is being illustrated here?

An analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers is known as ________.

A company's close competitors are ________.

When companies watch both their buyers and their competitors, they are called ________ companies.

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 ________.

If a company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and ________, or it can charge the same price and ________.

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 ________.

Marketing: Creating Customer Value and Engagement

Company and Marketing Strategy: Partnering to Build Customer Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and 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

Engaging Customers and Communicating Customer Value: Integrated Marketing Communications Strategy

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct, Online, Social Media, and Mobile Marketing

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

If a company's offer delivers greater value by exceeding the competitor's offer on important attributes, the company can charge a higher price and , or it can charge the same price and .