Exam 18: Creating Competitive Advantage

Formulated marketing focuses on the entrepreneurial aspects of marketing.

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."

How can companies learn about their competitors' strengths and weaknesses?

A company's close competitors are ________.

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

If a company's aim is to make its own and competing products obsolete and serve customers who want state-of-the-art products and services, it is using a value discipline called ________.

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

Discuss the need to understand competitors as well as customers through competitor analysis.

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.

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

Which is NOT one of the four orientations a company may have?

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

Which of the following are value discipline strategies?

The market subsegment that a company exclusively caters to may dry up, or it might grow to the point that it attracts larger competitors. This is why such companies practice ________.

Companies can identify competitors from a(n) ________ point of view by defining competitors as companies that are trying to satisfy the same customer need or build relationships with the same customer group.

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

Continuous innovation is a weak response by a company trying to protect its market share.

Market challengers can grow by further increasing their market shares.

Marketers can expand markets by discovering and promoting ________.

Companies that operate large marketing departments, conduct expensive marketing research, spell out elaborate competitive strategies, and spend huge sums on advertising are using ________ marketing strategies.