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WorksheetsChap 18 - Creating Competitive Advantage
Total questions: 15
Worksheet time: 8mins
A competitor analysis requires the assessment of all of the following EXCEPT the competitors' _____.
objectives
organizational hierarchy
strategies
strengths and weaknesses
Gaining _____ requires delivering more value and satisfaction to target consumers than competitors do.
competitive advantage
first-mover advantage
economies of scale
differentiation
The goal of performing a competitor analysis is to _____.
learn more about the competitors' sales structures
find flaws in the competitors' manufacturing processes
copy the best features that the competitors offer
find areas of potential competitive advantage and disadvantage
A company that pursues _____ will react much more strongly to a competitor's cost reducing manufacturing breakthrough than to the same competitor's advertising increase.
product differentiation
low-cost leadership
a middle-of-the-roaders strategy
product leadership
Companies use secondary data, personal experience, and word of mouth to _____.
identify competitors' target customers and strategies
identify competitors' target locations and market share
learn about their competitors' strengths and weaknesses
estimate competitors' sales projections
_____ is the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.
Segmenting
Positioning
Sales promotion
Benchmarking
What term is applied to the practice of a firm comparing its products and processes to the leading competitors in the same industry?
Assessing
Competing
Estimating
Benchmarking
Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a _____.
horizontal integration approach
commercialization process
blue ocean strategy
generic strategy
Tomorrow's leading companies will succeed by seeking out unoccupied positions in uncontested market spaces. Such strategic moves, termed _____, create powerful leaps in value for both the firm and its buyers, creating new demand for new products.
customer lifetime value
customer equity
value innovation
market segmentation
Which of the following statements is true of the approaches to marketing strategy?
Intrapreneurial marketing applies to companies that sometimes lose their marketing creativity and passion that they had at the start.
As small companies achieve success, they inevitably move away from more-formulated marketing.
Formulated marketing seldom involves developing formal marketing strategies and adhering to them closely.
Formulated marketing encourages more marketing initiative and "intrapreneurship" at the local level.
According to Michael Porter, what are three effective competitive positioning strategies?
middle-of-the-roaders, focus, and overall cost leadership
focus, differentiation, and middle-of-the-roaders
overall cost leadership, differentiation, and focus
differentiation, market segmentation, and focus
Bosch is a German firm that manufactures home appliances such as dishwashers, ovens, and ranges. It competes with companies such as GE Elite and LG. Bosch is perceived as the class of the industry. Bosch pursues a(n) _____ strategy.
focus
blue ocean
overall cost leadership
differentiation
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 B is the market _____.
leader
challenger
follower
nicher
A runner-up firm that wants to hold its share in an industry without rocking the boat is a _____.
market follower
market challenger
market nicher
market leader
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 _____.
leader
challenger
nicher
follower
