Exam 18: Creating Competitive Advantage

A positive aspect of a(n)_ is that the company develops a fighter orientation,watches for weaknesses in its own position,and searches out competitors' weaknesses.

The market niche may dry up,or it might grow to the point that it attracts larger competitors.That is why many companies practice _ .

All of the following statements identify benefits from the existence of competitors EXCEPT?

Sears and Holiday Inn encountered difficult times because they did not stand out as the lowest in cost,highest in perceived value,or best in serving some market segment.Both companies are .

Profitability increases as a business gains share relative to competitors in its .

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

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

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

There are specific kinds of information that companies need about their competitors.The system first identifies the vital types of competitive information and the best sources of this information.

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.

As small companies achieve success,they inevitably move toward more marketing.They pore over the latest Nielsen numbers,scan market research reports,and try to fine- tune their competitive strategies and programs.

Many firms avoid direct competition with P&G and look for easier prey because firms cannot succeed by challenging the strongest competitor in a market.

Most companies tend to compete with distant competitors,who are those competitors most unlike them,rather than with close competitors.

From a(n)point of view,Pepsi might see its competition as Coca- Cola,Dr Pepper,7UP,and the makers of other soft drink brands.From a(n)_ point of view,however,the customer really wants "thirst quenching."

When a company provides superior value by leading its industry in price and convenience,it has obtained what is called .

Refer to the scenario below to answer the following questions. Essentials is a rapidly growing brand of women's makeup,perfumes,and nail care products.The company has established itself as a high- end cosmetic product available at most national drug stores.In the past,almost all of the advertising for Essentials has been in women's fashion magazines. Essentials 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. -Essentials considers one of its most important competitors to be Estee Lauder,another marketer of high- end makeup and skin care products sold in drug stores.Based on this,it is most accurate to say that Estee Lauder and Essentials are both .

A manager who used to work for a competitor might follow that competitor closely to see what it does in the marketplace.Such a manager would be considered your company's expert.

Michael Porter suggests four basic competitive positioning strategies that companies can follow -three winning strategies and one losing one.Which of the following are considered winning strategies?

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.This is known as .

Nintendo,producer of the Wii video game console,might define its competitors as other makers of physically interactive video games.But from a(n)point of view,it would include all firms making physically interactive recreational products.