Question 1

Discuss customer intimacy. Why is it important? Provide an example of a company that successfully abides by this value discipline.

Accepted Answer

Student answers will vary. A company pro

Question 2

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 3

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

Accepted Answer

A)  Intrepreneurial marketing applies to companies that sometimes lose their marketing creativity and passion that they had at the start. 
B)  As small companies achieve success, they inevitably move away from more-formulated marketing. 
C)  Within a company, a single strategy exclusively applies to all different businesses and products. 
D)  Formulated marketing seldom involves developing formal marketing strategies and adhering to them closely. 
E)  Formulated marketing encourages more marketing initiative and "intrepreneurship" at the local level. 
A)  Intrepreneurial marketing applies to companies that sometimes lose their marketing creativity and passion that they had at the start. 
B)  As small companies achieve success, they inevitably move away from more-formulated marketing. 
C)  Within a company, a single strategy exclusively applies to all different businesses and products. 
D)  Formulated marketing seldom involves developing formal marketing strategies and adhering to them closely. 
E)  Formulated marketing encourages more marketing initiative and "intrepreneurship" at the local level.

Question 4

Most competitors in the music download industry see Apple's iTunes Music Store as a ________ because it created a closed system with mass appeal.

Accepted Answer

A)  good competitor 
B)  marginal competitor 
C)  weak competitor 
D)  bad competitor 
E)  distant competitor 
A)  good competitor 
B)  marginal competitor 
C)  weak competitor 
D)  bad competitor 
E)  distant competitor

Question 5

A market challenger that matches the competitor's product, advertising, price, and distribution efforts is most likely ________.

Accepted Answer

A)  creating multiple niches 
B)  pursuing an indirect attack 
C)  launching a full frontal attack 
D)  exiting from the current market 
E)  implementing a blue ocean strategy 
A)  creating multiple niches 
B)  pursuing an indirect attack 
C)  launching a full frontal attack 
D)  exiting from the current market 
E)  implementing a blue ocean strategy

Question 6

A firm should compete with ________ competitors in order to sharpen its abilities. Succeeding against these competitors often provides greater returns.

Accepted Answer

A)  strong 
B)  international 
C)  weak 
D)  distant 
E)  smaller 
A)  strong 
B)  international 
C)  weak 
D)  distant 
E)  smaller

Question 7

What are the stages that the approaches to marketing strategy and practice usually pass through?

Accepted Answer

A)  ambush marketing, multi-level marketing, and guerrilla marketing 
B)  guerrilla marketing, ambush marketing, and affinity marketing 
C)  multi-level marketing, undercover marketing, and evangelism marketing 
D)  entrepreneurial marketing, formulated marketing, and intrapreneurial marketing 
E)  undercover marketing, affinity marketing, and ambush marketing 
A)  ambush marketing, multi-level marketing, and guerrilla marketing 
B)  guerrilla marketing, ambush marketing, and affinity marketing 
C)  multi-level marketing, undercover marketing, and evangelism marketing 
D)  entrepreneurial marketing, formulated marketing, and intrapreneurial marketing 
E)  undercover marketing, affinity marketing, and ambush marketing

Question 8

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.
-Many large and mature companies get stuck in formulated marketing. They pore over the latest Nielsen numbers, scan market research reports, and try to fine-tune their competitive strategies and programs.

Accepted Answer

A) True 
 B)False

Question 9

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 10

What is the LEAST relevant question to ask when assessing a firm's main competitor?

Accepted Answer

A)  What are the competitor's objectives? 
B)  What is the competitor's strategy? 
C)  What are the competitor's strengths? 
D)  What are the competitor's locations? 
E)  What are the competitor's weaknesses? 
A)  What are the competitor's objectives? 
B)  What is the competitor's strategy? 
C)  What are the competitor's strengths? 
D)  What are the competitor's locations? 
E)  What are the competitor's weaknesses?

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.
-Formulated marketing focuses on the entrepreneurial aspects of marketing.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following are market challenger strategies?

Accepted Answer

A)  expand total market and protect market share 
B)  expand market share and follow closely 
C)  full frontal attack and indirect attack 
D)  follow closely and follow at a distance 
E)  multiple niching and quality service 
A)  expand total market and protect market share 
B)  expand market share and follow closely 
C)  full frontal attack and indirect attack 
D)  follow closely and follow at a distance 
E)  multiple niching and quality service

Question 13

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 14

Discuss the functions and goals of a competitive intelligence system.

Accepted Answer

The competitive intelligence system firs

Question 15

What is most likely a strategic benefit of the existence of competitors?

Accepted Answer

A)  Competitors seldom lead to product differentiation. 
B)  Competitors help legitimize new technologies. 
C)  Competitors exclusively serve more-attractive segments. 
D)  Competitors fracture the target market. 
E)  Competitors decrease the total demand. 
A)  Competitors seldom lead to product differentiation. 
B)  Competitors help legitimize new technologies. 
C)  Competitors exclusively serve more-attractive segments. 
D)  Competitors fracture the target market. 
E)  Competitors decrease the total demand.

Question 16

Companies need to know each competitor's product quality, features, and mix; customer services; pricing policy; distribution coverage; sales force strategy; and advertising and sales promotion programs. These are all the dimensions that identify ________ groups within the industry.

Accepted Answer

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

Question 17

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.

Accepted Answer

A)  centralization techniques 
B)  niching 
C)  brand imaging 
D)  vertical integration 
E)  benchmarking 
A)  centralization techniques 
B)  niching 
C)  brand imaging 
D)  vertical integration 
E)  benchmarking

Question 18

Give examples of competitor objectives and discuss the importance of knowing a competitor's mix of objectives.

Accepted Answer

Each competitor has a mix of objectives.

Question 19

Dell produces and delivers PCs of competitive quality at lower costs. The company constantly aims to achieve low production and distribution costs to win a large market share. Dell utilizes a(n) ________ strategy very effectively.

Accepted Answer

A)  overall cost leadership 
B)  differentiation 
C)  focus 
D)  blue ocean 
E)  market segmentation 
A)  overall cost leadership 
B)  differentiation 
C)  focus 
D)  blue ocean 
E)  market segmentation

Question 20

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.

Accepted Answer

A) True 
 B)False

Discuss customer intimacy. Why is it important? Provide an example of a company that successfully abides by this value discipline.

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 ________.

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

Most competitors in the music download industry see Apple's iTunes Music Store as a ________ because it created a closed system with mass appeal.

A market challenger that matches the competitor's product, advertising, price, and distribution efforts is most likely ________.

A firm should compete with ________ competitors in order to sharpen its abilities. Succeeding against these competitors often provides greater returns.

What are the stages that the approaches to marketing strategy and practice usually pass through?

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

What is the LEAST relevant question to ask when assessing a firm's main competitor?

Which of the following are market challenger strategies?

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

Discuss the functions and goals of a competitive intelligence system.

What is most likely a strategic benefit of the existence of competitors?

Companies need to know each competitor's product quality, features, and mix; customer services; pricing policy; distribution coverage; sales force strategy; and advertising and sales promotion programs. These are all the dimensions that identify ________ groups within the industry.

Give examples of competitor objectives and discuss the importance of knowing a competitor's mix of objectives.

Dell produces and delivers PCs of competitive quality at lower costs. The company constantly aims to achieve low production and distribution costs to win a large market share. Dell utilizes a(n) ________ strategy very effectively.

Marketing: Creating Customer Value and Engagement

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers 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

Discuss customer intimacy. Why is it important? Provide an example of a company that successfully abides by this value discipline.

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 ________.

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

Most competitors in the music download industry see Apple's iTunes Music Store as a ________ because it created a closed system with mass appeal.

A market challenger that matches the competitor's product, advertising, price, and distribution efforts is most likely ________.

A firm should compete with ________ competitors in order to sharpen its abilities. Succeeding against these competitors often provides greater returns.

What are the stages that the approaches to marketing strategy and practice usually pass through?

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

What is the LEAST relevant question to ask when assessing a firm's main competitor?

Which of the following are market challenger strategies?

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

Discuss the functions and goals of a competitive intelligence system.

What is most likely a strategic benefit of the existence of competitors?

Companies need to know each competitor's product quality, features, and mix; customer services; pricing policy; distribution coverage; sales force strategy; and advertising and sales promotion programs. These are all the dimensions that identify ________ groups within the industry.

Give examples of competitor objectives and discuss the importance of knowing a competitor's mix of objectives.

Dell produces and delivers PCs of competitive quality at lower costs. The company constantly aims to achieve low production and distribution costs to win a large market share. Dell utilizes a(n) ________ strategy very effectively.

Marketing: Creating Customer Value and Engagement

Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and Relationships

Analyzing the Marketing Environment

Managing Marketing Information to Gain Customer Insights

Consumer Markets and Buyer Behavior

Business Markets and Business Buyer Behavior

Customer Value-Driven Marketing Strategy: Creating Value for Target Customers

Products, Services, and Brands: Building Customer Value

Developing New Products and Managing the Product Life Cycle

Pricing: Understanding and Capturing Customer Value

Pricing Strategies: Additional Considerations

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Engaging Consumers 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