Exam 6: Understanding Competitors: Analysis to Action

Why is the senior management team a good place to begin evaluating a competitor's culture?

Marketing managers need to be aware of how a customer defines competitors on all of these levels except ___________________.

Product expansion occurs when a company leverages its existing expertise to create new products for existing or new markets.

In a monopoly there are _____ competitors.

The Internet is a good research tool, but it can provide too much information.As a result, it is important to determine which sources are _____________.

K&K knits, is a specialty t-shirt design house located in Los Angeles, California.Currently it has a contract manufacturer in North Carolina that makes shirts, and it reaches customers through numerous stores.Give two examples of how they could incorporate backward and forward integration into their strategic plan.

When you know the ___________ and ___________ of a competitor, you have a pretty good idea of the company's strategy.

__________ is particularly useful in competitor analysis because the company can evaluate competitor business processes in an effort to learn how to do things better or to exploit competitor weakness if the company identifies areas where it outperforms the competitor.

Diego has compiled the results of his recent competitive analysis.Next he should use the results to create ________________, the primary reason for conducting the analysis in the first place.

Maxim is researching his competitor's workforce.In order to do this, Maxim should look at _____________________.

When products in an oligopoly are different, it is possible to have _____________ price variability.

Xavier started to grow a garden of fresh herbs and vegetables at his house for use in his restaurant, and reduced his need to purchase these items from his supplier.This is an example of _____________.

A(n)_________________ differs from other industry structures in that there are more companies in the industry manufacturing products that are standardized (steel)or differentiated (automobiles).

In a(n)_____________ many companies offer essentially the same product.

Jude owns his own bookstore in Boston.He has just heard that one of the major national bookstores may be opening a store a few clocks away from his shop.Jude thinks it would be good for him to look at the financials of his new competitor to get a better idea of what he may be dealing with.How should Jude go about looking into the financials?

Gerry owns the top catering business in Savannah, while Rosalie owns an old mansion popular for rent for private parties and weddings.Fueled by the desire to offer customers a more sophisticated solution, Gerry and Rosalie have decided to partner to offer certain party packages.Gerry and Rosalie are ___________________.

_________________________ enables companies to test competitor reaction to possible strategic scenarios such as product modifications or new advertising campaigns.

Lily's Lambs is a small, but successful boutique stuffed animal store that currently operates only in Omaha, Nebraska, but wants to expand.Recently a big name toy store has started to meet with Lily's Lambs.If you were a national toy store, how should you interpret the relationship between Lily's Lambs and the big name toy store? Why could this be a problem for you?

What are the key differences between customer orientation and competitor orientation?

By expanding the numbers of potential competitors based on customer options, companies identify direct competitors.