Exam 18: Creating Competitive Advantage

Which of the following is most critical for successful niching?

Fifty percent of the market is in the hands of Company A, 30 percent is in the hands of Company B, 15 percent is in the hands of Company C, and the remaining 5 percent is in the hands of Company D. Based on these hypothetical numbers, Company D is the market ________.

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

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

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

If a company identifies its competitors from an industry point of view, it must understand ________ if it hopes to be an effective player in that industry.

A product-oriented company focuses on ________.

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 ________.

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

From a market point of view, Universal Pictures film studio might see its competition as ________.

Which of the following is a negative aspect of a competitor-centered company?

From an industry point of view, Universal Pictures film studio might see its competition as ________.

Discuss two ways a market challenger can best attack the chosen competitor and achieve its strategic objectives. Explain when a challenger should use these attacks and provide examples of companies that have used these methods.

Discuss the functions and goals of a competitive intelligence system.

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

If a company is a market leader in one category, and a market challenger or market nicher in other categories, it will follow ________ strategies for each category.

A group of firms in an industry following the same or a similar strategy in a given target market is known as a strategic group.

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?

Marketers need an in-depth understanding of ________ if they want to anticipate how that competitor will act.

A company is guilty of ________ if the company forgets latent competitors and only focuses on current competitors.