Exam 12: Addressing Competition and Driving Growth

How can a firm choose a specific attack?

A(n) ________ marketer discovers solutions customers did not ask for but to which they enthusiastically respond.

A dance school in the Bronx teaches professional hip-hop and salsa classes. It is experiencing an increase in student admissions, which is leading to substantial improvement in profits. The school is going through the ________ phase of its life cycle.

Sony is an unusual market leader. It gives its customers new products that they have never asked for (e.g., Walkmans, VCRs, video cameras, CDs). This makes Sony a(n) ________ firm.

One way to increase the frequency of consumption of a product by consumers is by introducing it in larger package sizes.

A market-penetration strategy is one where a company searches for new customers in a group that has never used a product before.

Market challengers are companies that attack the leader and other competitors in an aggressive bid for further market share.

In a pure ________ attack, the attacker matches its opponent's product, advertising, price, and distribution.

Bic's Wite-out phased out unprofitable outlets and reduced communications to the minimal level needed to retain hard-core loyals because it was in the maturity stage of the product life cycle.

Armani uses a three-tier product line that is differentiated based on style, luxury, customization, price, and distribution. During the recession, the lower priced, younger, street savvy third tier, Armani Exchange, picks up the selling slack for the upper tiers, which is in line with the recommendation to fine-tune brand and product offerings during an economic downturn.

Which three groups of customers can help expand a firm's market demand?

During the introduction stage of the product life cycle, firms are likely to use cost-plus pricing.

Describe a counterfeiter as a market-follower.

As a market follower strategy, the ________ duplicates the leader's product and packages and sells it on the black market or through disreputable dealers.

________ marketers are not just market-driven, they are proactive market-driving firms.

A job-shop specialist ________.

Describe frontal attack as a general market-challenger attack strategy.

What are fads?

Amani, a company that manufactures cloth for suits, strives to be equal to Armani in product design, brand name, and product packaging. This is an example of ________.

One of the ways to change the course of a brand is to modify the product. Under product modification, ________ improvement adds size, weight, materials, supplements, and accessories that expand the product's performance, versatility, safety, or convenience.