Question 1

Almost every industry includes firms that specialize in serving target subsegments called market ________.

Accepted Answer

A)  niches 
B)  mavens 
C)  baskets 
D)  indicators 
E)  mixes 
A)  niches 
B)  mavens 
C)  baskets 
D)  indicators 
E)  mixes A

Question 2

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

Accepted Answer

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

Question 3

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 provides superior value by precisely segmenting its markets and tailoring its products or services to match exactly the needs of targeted customers. It specializes in satisfying unique customer needs through a close relationship with and intimate knowledge of the customer. It builds detailed customer databases for segmenting and targeting, and empowers its marketing people to respond quickly to customer needs. Customer-intimate companies serve customers who are willing to pay a premium to get precisely what they want. They will do almost anything to build long-term customer loyalty and to capture customer lifetime value. Examples include Nordstrom, Lexus, American Express, British Airways, and Ritz-Carlton hotels.

Question 4

What is the primary focus of a competitor-centered company?

Accepted Answer

A competitor-centered company

Question 5

Entrepreneurial marketing exclusively involves developing formal marketing strategies and adhering to them closely.

Accepted Answer

A) True 
 B)False

Question 6

When Gary Hirshberg started the Stonyfield Farm yogurt company, he stated that his company could do better with less advertising, less marketing research, and more guerrilla marketing. He came up with innovative marketing ideas to promote his products such as having sales personnel dress up as large yogurt cartons to distribute free yogurt samples. Which of the following marketing strategies was being implemented by Hirshberg?

Accepted Answer

A)  formulated marketing 
B)  entrepreneurial marketing 
C)  ambush marketing 
D)  undercover marketing 
E)  intrapreneurial marketing 
A)  formulated marketing 
B)  entrepreneurial marketing 
C)  ambush marketing 
D)  undercover marketing 
E)  intrapreneurial marketing

Question 7

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 8

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 9

Companies can identify their competitors from both ________ points of view.

Accepted Answer

A)  industry and market 
B)  product and customer 
C)  customer and location 
D)  location and product 
E)  product and strategy 
A)  industry and market 
B)  product and customer 
C)  customer and location 
D)  location and product 
E)  product and strategy

Question 10

What is the purpose of benchmarking?

Accepted Answer

A company uses benchmarking to

Question 11

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

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

Accepted Answer

A)  higher market 
B)  direct market 
C)  secondary market 
D)  served market 
E)  valued market 
A)  higher market 
B)  direct market 
C)  secondary market 
D)  served market 
E)  valued market

Question 13

Marketers can expand markets by discovering and promoting ________.

Accepted Answer

A)  subliminal points of interest 
B)  the deficiencies of competitors 
C)  subtle advantages of the product 
D)  new uses of the product 
E)  green technologies 
A)  subliminal points of interest 
B)  the deficiencies of competitors 
C)  subtle advantages of the product 
D)  new uses of the product 
E)  green technologies

Question 14

Rather than challenging head on, a challenger can make a(n) ________ attack on the competitor's weaknesses or on gaps in the competitor's market coverage.

Accepted Answer

A)  bypass 
B)  frontal 
C)  indirect 
D)  guerrilla 
E)  preemptive 
A)  bypass 
B)  frontal 
C)  indirect 
D)  guerrilla 
E)  preemptive

Question 15

Which of the following is a competitive position or role that firms play in the target market?

Accepted Answer

A)  surrogate consumer 
B)  market analyst 
C)  market maven 
D)  market nicher 
E)  laggard 
A)  surrogate consumer 
B)  market analyst 
C)  market maven 
D)  market nicher 
E)  laggard

Question 16

"Destroying" a close competitor can actually damage a company's market share in the long run.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

The market leader often bears the huge e

Question 18

Strategies that strongly position a company against competitors and that give the company the best possible strategic advantage are ________ strategies.

Accepted Answer

A)  competitor analysis 
B)  customer relationship 
C)  competitive marketing 
D)  competitive relationship 
E)  customer identification 
A)  competitor analysis 
B)  customer relationship 
C)  competitive marketing 
D)  competitive relationship 
E)  customer identification

Question 19

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 20

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

Almost every industry includes firms that specialize in serving target subsegments called market ________.

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

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

What is the primary focus of a competitor-centered company?

Entrepreneurial marketing exclusively involves developing formal marketing strategies and adhering to them closely.

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

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

Companies can identify their competitors from both ________ points of view.

What is the purpose of benchmarking?

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

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

Marketers can expand markets by discovering and promoting ________.

Rather than challenging head on, a challenger can make a(n) ________ attack on the competitor's weaknesses or on gaps in the competitor's market coverage.

Which of the following is a competitive position or role that firms play in the target market?

"Destroying" a close competitor can actually damage a company's market share in the long run.

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

Strategies that strongly position a company against competitors and that give the company the best possible strategic advantage are ________ strategies.

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?

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

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

Almost every industry includes firms that specialize in serving target subsegments called market ________.

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

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

What is the primary focus of a competitor-centered company?

Entrepreneurial marketing exclusively involves developing formal marketing strategies and adhering to them closely.

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

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

Companies can identify their competitors from both ________ points of view.

What is the purpose of benchmarking?

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

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

Marketers can expand markets by discovering and promoting ________.

Rather than challenging head on, a challenger can make a(n) ________ attack on the competitor's weaknesses or on gaps in the competitor's market coverage.

Which of the following is a competitive position or role that firms play in the target market?

"Destroying" a close competitor can actually damage a company's market share in the long run.

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

Strategies that strongly position a company against competitors and that give the company the best possible strategic advantage are ________ strategies.

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?

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

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