Exam 6: Understanding Competitors: Analysis to Action

Customers can often provide you with a great deal of information about competitors.What are some of the things that market researchers ask customers to get this information?

Enrico works as a marketing executive with a specialty homebuilder in Miami, FL.Enrico does not understand why he should be watching and learning from his competitors.He feels he just needs to stay creative and his marketing will do just fine.What could you tell him to help him understand the importance of competitor analysis?

Autumn has run a successful full service spa for the past 10 years.This year she decided to open a nail boutique, which specializes in manicures and pedicures on the go.This is an example of ____________.

In a monopolistic competition, there are ___________ competitors.

Pain Perdu, a sit-down restaurant popular in France, has begun to freeze and ship its famous dishes to the United States for sale in grocery stores.This is an example of _____________.

Company X lowers prices on its gaming systems two days before the traditional Day after Thanksgiving sales, causing other companies to adjust their pricing strategies accordingly, thereby demonstrating a ______________________.

Cargo Caravan is an upcoming package delivery service.Jim, the CEO of Cargo Caravan, just heard about a huge quarterly profit loss from one of the competitors in the industry.Information is starting to leak out about the nature of the loss and where certain strategies may have failed.What can Jim do to help Cargo Caravan's market standing?

When utilizing the internet to find information about competitors, it is important to identify which sources provide the most reliable, current, and cost-effective information.What are some of the primary sources of competitive information? What is the main problem created by using the internet to research information?

Pure competition is defined by _____________.

In a pure competition, there are ___________ competitors.

You and your friends want to go to dinner tonight.While texting back and forth you narrow down the choices to Chinese or Italian and then to Italian.Finally you choose Café Romana, because of its authentic dishes and excellent staff.Throughout your decision making process, you were analyzing competitors in a ___________.

When a manufacturer starts to open stores to directly reach customers, the manufacturer is integrating _____________ on the supply chain.

The best candidates for acquisitions or merger are candidates that are _________, ____________ competitors with ___________ growth opportunities.

When cell phones were first introduced into the market they were seen as a main competitor of landlines and pay phones.Today, cell phones do much more than just make phone calls.How do the capabilities of the cell phone illustrate product use?

In an oligopoly, products that are different allow you to create perceived differences based on all of the following except _____________.

When new CEOs enter an organization, it is common for them to _____________ their previous efforts at past companies when implementing new strategies.

The _______________________ seeks to expand trade bilaterally between nations and globally among all nations.

What two characteristics define the industry structure?

Companies frequently follow and utilize an established ___________________, which allows competitors to study particular trends in relation to another company.

An underutilized source of competitor information is the company's own _____________.