Exam 18: Creating Competitive Advantage

Companies use secondary data, personal experience, and word of mouth to ________.

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

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

A competitor analysis requires the assessment of all of the following EXCEPT the competitors' ________.

Fosters and Mason House, two major coffee brands, competed neck and neck based on their product attributes and price promotions. They were soon blindsided by the arrival of Starcoffeez, which focused more on the coffee experience rather than the coffee. This resulted in major losses for the two companies. This is an example of ________.

________ can adopt one of two competitive strategies: they can challenge the leader or they can play along with competitors and not rock the boat.

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

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

Most companies will compete with ________ rather than ________.

Which of the following is the best response a company can make to competitive threats?

At the narrowest level, a company can define its competitors as other companies offering similar products and services to the same customers at similar prices.

Discuss the four evolving company orientations. Which orientation is considered most successful and why?

An analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers is known as ________.

Michael Porter suggested four basic competitive positioning strategies that companies can follow, three winning strategies and one losing one. Name and describe these four different strategies.

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.

Benchmarking involves comparing the firm's products and processes to those of the competitors to identify best practices to improve quality and performance.

Companies can identify competitors from one of two points of view: ________.

Companies that have been in existence for some time often lose the marketing creativity and passion that they had at the start. They often need to refresh their marketing strategies and try new approaches, known as ________.

Country Kitchen and Perkins are both a chain of family restaurants featuring diner-like menus with reasonably priced items. These companies are in the same ________.

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